![]() ![]() Approximately 772,207 square feet, or 73%, of this year’s empty big box space came from stores that remained vacant since the firm’s 2012 survey and, in many cases, from 2011 and before. The 2013 survey found that vacancies in the region’s big-box stores exceeding 20,000 square feet declined to 1.06 million square feet, or 45.7% of total empty space, from 1.09 million square feet, or 46.7%, in 2012. Meanwhile, marginal operators unwilling to try to make a go of it in a tough economy are shutting their doors as leases expire.” Small chains and mom and pops continue to struggle to get financing for new locations or start-up ventures. But we’re also seeing rising vacancies in small store space. Our latest study found that big-box vacancies have stabilized as health clubs and retailers looking to expand their footprint in the region led to net absorption over the past year. “Long one of the top-performing retail real estate markets in the nation, the northern region boasted a vacancy rate of just 3% or less in less in three of the last 10 years after hitting an unheard of low of 2% in 2003. “Despite the progress shown on the hard-hit Route 22 corridor, northern New Jersey has yet to recover from the effects of the rash of big-box retail bankruptcies that began to elevate vacancies in 2009 when the rate jumped to 6.6% from 3.6% the prior year,” said Richard J. Freestanding restaurants, auto service facilities and auto dealerships are also included, while enclosed regional malls and centers under construction or redevelopment are excluded. Brunelli’s 2013 study reviewed shopping centers and freestanding buildings exceeding 2,000 square feet along State Highways 4, 10, 17, 22, 23 and 46/3, and certain intersecting arteries in Bergen, Essex, Morris, Passaic, Somerset and Union counties. This compared with 2.33 million square feet of vacancies in 28.34 million square feet of space in the 2012 study.Ĭonducted during the second quarter of this year, R.J. In its 23rd annual study of the six-county northern New Jersey market, the Old Bridge-based retail brokerage firm found 2.40 million square feet of vacancies in the 29.50 million square feet of space examined along the six corridors, with availabilities seen in 176 of the 909 properties reviewed. With Route 23 the only other highway to show an improvement from the firm’s 2012 study, the region’s vacancy factor remained stuck above the 8.0% mark for each of the last four years. (9/2/13)-Thanks to absorptions of numerous empty big-box spaces on Route 22, the vacancy rate in retail properties along northern New Jersey’s six major shopping corridors inched down to 8.1% from a high of 8.2% a year ago, according to the latest survey by R.J.
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