Route 9 Maintains The Lowest Commercial Vacancy Rate in Central Jersey

The retail vacancy rate along the 35 miles of Route 9 is the lowest in Central Jersey, and has remained unchanged since last year.

According to the R.J. Brunelli & Co. 23rd annual study of retail vacancy rates in the Central Jersey market, the retail vacancy rate along Central Jersey’s major shopping corridors—Route 1, Route 18 and Route 35—fell to 9.1 percent in April from 10.5 percent a year ago, and 9.8 percent in 2010. 

The Route 9 vacancy rate remained unchanged from 2011 at 7 percent.

"The 35-mile Woodbridge-to-Lakewood corridor was again the healthiest of the four central New Jersey highways. Over the last 10 years, the highway’s vacancy factor ranged from a low of 7.6% in 2009," a news release said.

Large new business along Route 9 include in the Diamond Plaza in Marlboro and the recent opening of Panera Bread in the Best Buy anchored shopping center. The Freehold Raceway Mall also remains a strong attraction.

"Meanwhile, site work is now under way on the long-awaited development of another Pagano project...with deals executed for a 40,000-square-foot , a freestanding Walgreens and a Verizon store. The center also includes the site’s existing freestanding PNC Bank," the release said.

This year, and several small stores such as the to its portion of Route 9.

"The abundance of big box space could persist  as some retailers will not modify their prototypical stores and, therefore, will only consider new construction," Brunelli said. "Such retailers will anchor several new shopping centers and create tremendous new ratables for townships that understand the need to cooperate with developers rather than fight them. Interest rates have never been lower, and this too bodes well for new construction.” 

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