Retail Vacancy Rises Above 8% As More Big Box Space Goes Dark in Northern NJ

Last Updated: June 18, 2012 01:54pm ET

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Brunelli said the large majority of empty big-box lots 73 % - have been vacant since April 2011.

OLD BRIDGE, nj-Bankruptcies and closures of big-box stores sapped the impact of retail expansion that occurred over the past year, says R.J. Brunelli in its annual report on vacancies in northern New Jersey's six major retail corridors.

In fact, the retail vacancy rate edged up again, to 8.2% from 8.1% a year ago, and 8% in 2010, reported the Old Bridge-based firm. In 2008, the pre-recession vacancy rate was 3.6%.

The companys survey, conducted in April,found 2.33million square feet of vacancies within the 28.3 million square feet of leasable area along the corridors. "I thought last year that we would have lower vacancy rates at this point, because the retail real estate market bottomed out last year at this time," saidRichard J. Brunelli, president. "There was a lot more activity this year than last year with retailers seeking new locations. But I didn't anticipate more bankruptcies and more closures. They offset the substantial amount of expansion that occurred."

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Retail Vacancy Rises Above 8% As More Big Box Space Goes Dark in Northern NJ