Retail market fundamentals remain strong in NJ.Despite only modest economic growth, retail properties in Bergen Bergen, city, Norway Bergen (bĕr`gən), city (1995 pop. 221,645), capital of Hordaland co., SW Norway, situated on inlets of the North Sea. It is Norway's second largest city and a major shipping center. , Essex, Hudson Hudson, towns, United States Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. , Morris, Passaic and Union counties continue to perform very well, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a second-quarter Retail Research Report released by Marcus & Millichap Real Estate Investment Services. Drawn by the area high population densities and significant median household incomes The median household income is commonly used to provide data about geographic areas and divides households into two equal segments with the first half of households earning less than the median household income and the other half earning more. , steady retailer demand is expected to maintain vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. in the low-4 percent range over the near term. "Investment activity in the Northern New Jersey area remains steady," states Michael J. Fasano, regional manager of Marcus & Millichap's New Jersey office. "Demand is strong for single-tenant assets, especially general free-standing free-standing Managed care adjective Referring to a physically and, often, financially discrete entity–eg, a surgical center, that is separate from, but may be affiliated with, a hospital; FS facilities may provide ambulatory surgery, emergency or buildings leased to local or regional retailers." The following are some of the most significant aspects for the New Jersey Retail Research Report: This year, employers are expected to create 6,800 jobs; Developers will deliver 900,000 s/f of retail space in 2007, compared with 700,000 s/f last year. Modest job growth will sustain retailer demand and offset the increase in completions, leaving vacancy unchanged this year at 4 percent. Vacancy at neighborhood/ community centers will track slightly lower. Tight vacancy will support a 4 percent rise in asking rents to $28.11 per square foot this year. Effective rents are forecast to increase 4.2 percent to $26.30 per square foot. With retail fundamentals in the market in generally sound shape, investors may continue to examine similar opportunities in the months ahead and perhaps assume greater releasing risk. |
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