Number of Retail Vacancies to Reduce in New Jersey This Year
One of the largest commercial property brokerage agencies in New Jersey, The Goldstein Group reports that improvement in leasing of retail space will continue in 2013. Chuck Lanyard, the company’s president said that the retail property market in Central and Northern New Jersey is consistently improving, but continues to remain a ‘tenants’ market’. Opportunistic retailers continue to make the most of market conditions, and secure locations and lease their properties at profitable rates.
Several companies in the state are on the lookout for leases on areas bigger than 5,000 sq. ft. However, the Goldstein Group says that interest will be the highest for areas that are 1000- 5000 sq. ft. in size. Companies like Advance Auto, Children’s Place, Big Lots, Dollar General, Ulta, Dollar Tree, Carters, etc. are very active in Central and Northern New Jersey. Restaurant chains that continue to grow in popularity, such as Chipotle, Joe’s Crab Shack, Corner Bakery, etc. are also expanding. All of these companies are expected to take advantage of low pricing and engage in active real estate transaction over the year.
Lanyard said that spaces that were initially established for shopping centers are now being used by dental and medical practices. He added this trend will continue in 2013. Landlords were not confident about leasing their spaces to medical institutions before the recession, but things are no longer the same and landlords find it critical to create extra traffic and have their spaces leased.
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