By Real Estate NJ
The struggles of big-box stores such as Sports Authority have led to a rare increase in summertime retail vacancy in northern and central New Jersey, according to a recent report.
The report by The Goldstein Group, a Paramus-based retail brokerage, found that vacancy rose to 7.2 percent in July, according to The Record. That’s up from 6.2 percent in July 2015, the first time since 2009 that the rate has increased.
The research cited the liquidation of the Sports Authority chain, which closed 16 stores in New Jersey, and the closures of other stores such as Office Depot and Staples, according to The Record. But report also said that the overall retail market in northern New Jersey was in fact healthy, despite the uptick in vacancy, and that the large spaces are expected to be leased soon.
“It does take a good lead time of eight months to a year before these big boxes really do get filled,” Chuck Lanyard, president of The Goldstein Group, told the newspaper. “But unlike other parts of the country, these spaces aren’t sitting for years,” he said. “They’re only sitting for months.”
For more, see this week’s story by The Record.
More New Jersey real estate headlines
A historic flag factory in Verona will soon be home to hundreds of residents (Jersey Digs)
Christie’s latest big idea not going over well in A.C. (Philly.com)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.
