Northern New Jersey retail vacancy jumps

The vacancy rate in Northern New Jersey’s major retail corridors grew significantly between 2007 and 2008, according to a study released by R.J. Brunelli & Company. The vacancy rate rose to 6.6 percent in 2008, up from 3.6 percent in 2007. There was a total of 1.84 million square feet in vacancies out of 28 million square feet of space along six state highways and several other roads surveyed in 2008, compared to one million square feet of vacant space out of a total of 27.6 million square feet. The closing of big box retailers like Circuit City and Linens ‘n Things has had a significant impact on New Jersey vacancy numbers.