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IN THE NEWS: New Jersey’s Retail Space Vacancy Rate Up

NJ BIZ reports: “The retail space vacancy rate has increased to 9.3 percent along the major highway shopping corridors of northern and central New Jersey, from 8.9 percent in 2010 and 7.8 percent in 2009, according to an annual survey by R.J. Brunelli & Co. that predicted vacancy rates will start to decline, and rents increase, in 2012.”  The annual survey attributed bulk of the vacancies to two of three major bankruptcies — Great Atlantic & Pacific Tea Co., Blockbuster Video (Borders Group has only closed one Borders store so far closed in area covered by the survey).  Richard J. Brunelli, president of the firm, expects vacancies to be absorbed by businesses looking to expand that will be attracted to “New Jersey’s dense population and high household income.”

Retail vacancy rate climbs, but relief expected, survey finds