Route 10 Retail Area Has Among Highest NJ Vacancies

Livingston-East Hanover's Route 10 retail corridor has one of the highest vacancy rates in the state, according to a Goldstein Group report.  The report, which looks at data through Dec. 2012, notes a "sustained minimal improvement of retail space leasing up in New Jersey."

Retailers—both existing and many new retailers setting-up shop in New Jersey for the first time—continue to absorb retail space at a steady pace.  The overall state vacancy rate is about 8%.

However, Livingston - East Hanover is among markets with the highest vacancy rates, just behind Route 18 – East Brunswick at 18%.  Route 10 – Livingston-East Hanover has 12.6% vacancy rate.  Route 17 – Paramus has an 11.4% vacancy rate. 

The lowest vacancy rates are Route 3 - Clifton (2.3%); Route 17 – Rochelle Park-Rutherford (2.3%); Route 1 – Woodbridge-Edison (3.8%); and Route 22 – Union-Springfield (4.5%).

In general, Northern New Jersey markets historically continue to fare stronger in terms of demand and lower vacancy rates, according to the report.

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

The full report is available on The Goldstein Group website.