Jones Lang LaSalle


Retail-Space Vacancy Rose to 3% in 2005 in North Jersey

The densely packed retail property in North Jersey has opened up a bit, according to a report from real estate broker R.J. Brunelli & Co. in Old Bridge. The survey conducted in January found that vacancy rates at properties in six major markets in the northern part of the state rose to 3% in 2005 from 2.8% the previous year.

Contributing to the rise in vacancy rates was the closure of the Treasure Island retail chain, which added more than 145,000 sq. ft. of commercial space in the market.

R.J. Brunelli’s report found 797,333 sq. ft. of vacant retail property out of 26.5 million sq. ft. of space along state highways 4, 10, 17, 22, 23 and 46. - Joao-Pierre Ruth