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Market Report

Northern New Jersey Retail Market Report

3Q 2022

Higher Incomes Mitigate Consumer Attrition as Builders
Eye Office Sites for Redevelopment

Robust spending bolsters retail performance. As national consumer sentiment falters in response to rapid price gains, Northern New Jersey's high median income has proved to be a solid backstop for demand. During the second quarter of 2022, the market posted the fastest retail sales growth among major U.S. metros. A 12.9 percent jump in consumer spending kept this metric well ahead of the contemporary inflation rate. Whether this pace continues amid easing hiring velocity is unclear, but local retail properties are well-positioned to withstand potential headwinds. A slowdown in construction starts since 2020 should support leasing among existing assets.

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