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Market Report

Northern New Jersey Retail Market Report

2Q 2023

Tenants Compete for High-Traffic Suburban Leases,
Keeping Multi-Tenant Operations Tight

Competitive demand brings vacancy to pre-pandemic rate. Northern New Jersey’s median household income surpasses the national equivalent by more than $20,000, which has provided a solid backstop for consumer spending as inflation remains elevated. Regional retail sales during the 12-month period ended in March rose 6.1 percent over the previous yearlong span, exceeding the national inflation rate recorded during the same time frame. This robust consumer activity has prompted major chains to compete for a dwindling amount of available retail space. Vacancy closed out March at 3.9 percent metrowide, a level last reported immediately preceding the health crisis. Tenants are targeting multi-tenant properties in dense environs, evidenced by 2.0 and 2.4 percent vacancy in this segment in Union and Hudson counties entering April, respectively.

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