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Route 18 Retail Vacancy Rate Highest in Central/Northern NJ

The Goldstein Group's 2012 year-end report details strong and weak markets in Central Jersey.

The East Brunswick Route 18 corridor's retail vacancy rate made it the worst market in Central and Northern New Jersey at the end of 2012, according to a report issued by The Goldstein Group.

“The Northern and Central New Jersey retail real estate market continues to improve but it is still a ‘tenants’ market,” said President Chuck Lanyard of The Goldstein Group via release. “Opportunistic retailers are leasing at attractive rental rates and securing locations by taking advantage of market conditions.”

The report surveyed 22 markets and over 4,250 retail properties in Northern and Central New Jersey in December 2012. 

The East Brunswick Route 18 corridor had an 18.3 percent vacancy rate, with 614,225 square feet vacant out of about 3.5 million square feet of available space from 158 properties.

The 5.4 percent vacancy in the North Brunswick-Lawrenceville Route 1 retail real estate market made it the 6th strongest. Of the 9.1 million square feet of retail space in 202 properties in the North Brunswick-Lawrenceville Route 1 corridor, about 500,000 square feet were vacant, according to the report. 

The overall vacancy rate of the areas studied in the report was 7.8 percent, a press release issued by The Goldstein Group stated.

The Route 1 corridor from Woodbridge to Edison came in with the third best vacancy rate at 3.8 percent. Out of 201 retail properties with about 5.8 million square feet of available space, only 220,290 square feet was unoccupied.

While leasing activity continues to be driven by retailers opening stores in the 1,000- to 5,000-square-foot range, large box retailers are taking advantage of market conditions favorable to renters, the press release stated. 

The report noted construction and redevelopment projects are moving forward currently in East Brunswick, Sayreville, Newark, North Plainfield, Wayne, Fort Lee and North Brunswick. 

"With the opportunities that have come up along the various retail highways, new to New Jersey retailers such as Fairway Market, Harbor Freight, Uniglo, Millers Ale House, Hobby Lobby, and numerous others have opened, or will soon open new locations in New Jersey," Lanyard said.

"Well established retailers that continue to expand in the state include Home Goods, Trader Joe’s, Dollar General, Big Lots, Family Dollar, Panera Bread, Planet Fitness, 7-Eleven, Sherwin Williams, Smashburger, Great Clips, and Five Guys, which all opened up new locations. New Jersey has no shortage of retailers wanting to take advantage of its strong demographics, which is near the top nationally.”

DL March 16, 2013 at 12:48 PM
Perhaps the high business tax has something to do with it.
charlie March 18, 2013 at 11:06 PM
When is the White Castle on Rt. 18 going to open? They were supposed to start construction last month. I have not seen anything. Why not put a Flea Market back on Rt.18 ? People love those things, and will come from all over the area to get some bargains. They were fools to close the other and not do anything for 5 years. You can put one in the old Whiz shopping center. Just open up all the walls in the vacant stores into one big building.
Dan F April 01, 2013 at 02:57 AM
Electronics Expo has filed for bankrtupcy. But apparently the East Brunswick store had already been closed. Never noticed.
charlie April 02, 2013 at 08:41 PM
Does anyone know if the White Castle has started construction on Rt. 18 yet. Where exactly is it goin to be? I do not see any progress yet.
Josey Wales May 15, 2013 at 04:38 PM
What EB needs is a drive-up liquor store that sells ammo and pizza. Maybe a future White Castle in EB could beef-up its menu to include the above

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