Community Corner
6th Ave. Electronics Cited in Retail Vacancy Rate In Northern NJ
Closing of Springfield-based electronics retail chain helped increase retail vacancy rate.
This week, retail brokerage firm R.J. Brunelli & Co released a report stating that the vacancy rate in retail properties in northern New Jersey's six major shopping corridors increased to 8.2 percent in April, up from 8.1 percent a year ago and 8.0 percent in 2010. The former Springfield site of was among the properties cited.
R.J. Brunelli & Co reports that while a number of big box stores have acquired significant commercial spaces in the state, continued store closings—including 6th Avenue Electronics—are keeping the percentage of vacant stores high.
Read the full report here.
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