Retail Vacancies Rise

//March 26, 2007

Around the State – Central JerseyOLD BRIDGE The vacancy rate for retail properties along central New JerseyÂs four largest shopping corridors increased to 4.3 percent in 2006, after hitting a 10-year low of 3.4 percent in 2005, according to a study conducted by retail real estate brokerage R.J. Brunelli & Co. Inc. There are 1.19 million square feet of vacant space along state highways 1, 9, 18 and 35 in Mercer, Middlesex, Monmouth counties and a small section of Ocean County, according to the brokerageÂs 10th annual study. Over the past 10 years, the regionÂs vacancy rate has ranged from the low of 3.4 percent set in 2005 to a high of 9.3 percent in 1997.

During the past year, a reduction in vacancies on Route 18, which has the least total space of the four highways, and stable conditions on Route 1 were unable to compensate for increases along routes 9 and 35. Conducted in January 2007, the 2006 study evaluated shopping centers and freestanding buildings exceeding 2,000 square feetÂincluding restaurants and auto service facilities.

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