Retail Vacancy Rate at 10.5% for Shrewsbury-Ocean Route 35 Corridor
The Goldstein Group's 2012 year-end report details strong and weak markets in Central Jersey.
The Shrewsbury-Ocean Route 35 corridor's high retail vacancy rate made it one of Central Jersey's weaker markets at the end of 2012, according to a report issued by The Goldstein Group.
The report surveyed 22 markets and over 4,250 retail properties in Northern and Central New Jersey in December 2012. The 10.5 percent vacancy in the Shrewsbury-Ocean Route 35 retail real estate market made it the fourth weakest. Of the 7,494,245 square feet of retail space in 334 properties in the Shrewsbury-Ocean Route 35 corridor, 790,598 square feet were vacant, according to the report.
The overall vacancy rate of the areas studied in the report was 7.8 percent, a press release issued by The Goldstein Group stated.
Other areas of Monmouth County showed a stronger rental market than the average: the Hazlet-Middletown Route 35 corridor had a six percent vacancy rate and the Sayreville-Howell Route 9 corridor was 7.5 percent vacanct.
While leasing activity continues to be driven by retailers opening stores in the 1,000- to 5,000-square-foot range, large box retailers are taking advantage of market conditions favorable to renters, the press release stated. Box stores in the planning stages include a ShopRite on Route 35 in Hazlet and a Whole Foods on Route 9 in Marlboro.
Boxing gyms entered Central Jersey growing gym market in force in 2012, according to the report. CKO Boxing, for example, opened in Eatontown, Edison, Lyndhurst and Middletown.