RETAIL REAL ESTATE MARKET IN NORTHERN & CENTRAL NJ CONTINUES TO IMPROVE

Retail Real Estate Market in Northern & Central NJ Continues to Improve
 
by The Goldstein Group, Mar 26, 2012 
PARAMUS, N.J. 

According to the results of The Goldstein Group�s year-end survey of 22 retail corridors in Northern and Central New Jersey, totaling over 4,250 properties and 98 million s.f., the State�s retail vacancy rate dipped below 8.0 percent to 7.9 percent, the first drop below the 8 percent rate since January 2009. The State�s vacancy rate has continued to inch downward since 2009, as retailers continue to gobble-up retail space at attractive rental rates and secure locations not available in years.

�The Northern/Central New Jersey retail real estate market continues to stabilize and improve as evidenced by the slight decrease in the vacancy rate,� noted President Chuck Lanyard of The Goldstein Group. �Optimism is much improved among retailers who see consumers returning to spending and shopping, as the economy slowly improves and hiring picks up.�

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