Retailers line up to penetrate well-heeled Homdel market.

The Goldstein Group recently completed its Route 35 retail vacancy survey, which shows a 4.97% vacancy rate throughout the Route 35 corridor in Hazlet, Holmdel and Middletown, New Jersey.

This low vacancy rate indicates a very strong retail market with limited available space along the Route 35 corridor.

The survey analyzed over 180 properties within the highway corridor from the Route 35/36 intersection to the Navesink River Road encompassing over 4.2 million square feet of retail space.

According to The Goldstein Group's analysis, the Route 35 corridor has over 208,000 s/f of retail space currently available. Some of the largest blocks of space include the former Frank's Nursery, the former Wiz space which is currently in lease negotiations and the former Office Max space.

Tenants such as Foodtown, LA Fitness, Massage Envy and The Great Frame Up have absorbed over 100,000 square feet of available retail space so far this year.

New developments in this marketplace include a PNC Bank at the Whole Foods Center and a free standing Auto Zone store.

"There are several proposed retail sites that could come to fruition over the next two years that will add new retailers to the corridor," stated Chuck Lanyard, principal and director of brokerage services of The Goldstein Group.

"With the high incomes in the surrounding areas, many retailers are looking to penetrate the marketplace and we expect leasing activity to be brisk in the next two years."