East Brunswick Has 4th Highest Business Vacancy Rate In NJ: Report

EAST BRUNSWICK, NJ-- East Brunswick has the fourth highest business vacancy rate in the state, according to a new report by the Goldstein Group.

10.68% of East Brunswick's business building are empty, the report found. The average vacancy rate in the state is 7.2%, up one percent from last year. East Brunswick is closer to the national average of 10% vacancies.

“Despite this increase over last year, there are many circumstances that attributed, but fortunately we see this change to be short lived, minimal, and we expect considerable improvement in the coming year,” Chuck Lanyard, President of The Goldstein Group, said of the small statewide increase. “Absorption or leasing of vacant space continues at a strong pace.”

A total of 3,368,674 square feet of retail space exists in East Brunswick along Route 18; 360,007 of it sits empty.

Over 4,250 properties and over 100 million square feet of retail space were considered in the report. No additional retail buildings have been built this year so far in East Brunswick, making it one of five areas to have no new construction.

The three areas with higher rates than East Brunswick are Morris Plains / Ledgewood (15.13%), Brick (11.9%), and Paramus (11.32%).

Image via Big City Signs, flickr.