Robust household formation boosting retail sales. Spurred by the strong gains in the broader tri-state area, residents have been seeking housing in New Jersey, where the cost of living is more affordable than New York City. Retailers have received a significant boost as retail sales have advanced, leading vacancy to new cycle lows. As a result, average asking rents have steadily advanced, climbing nearly 20 percent from the post-recession trough. Locations in Bergen and Hudson counties have performed even better as high-density apartments and mixed-use developments reshape the landscape and drive higher foot traffic. While deliveries will more than quintuple, the vast majority of the new space is pre-leased, negating the impact of the supply growth to existing properties.