THE GOLDSTEIN GROUP REPORTS 5.47 PERCENT VACANCY RATE ALONG ROUTE 17 RETAIL CORRIDOR IN PARAMUS, NEW JERSEY
The Goldstein Group, New Jersey’s leading retail real estate brokerage firm, recently completed its retail vacancy survey along the Route 17 corridor in Paramus, New Jersey, which shows a 5.47 percent overall vacancy rate.
“The five percent vacancy rate is extremely low for one of the most important retail corridors in the state and the northeast part of the United States,†stated Chuck Lanyard, principal and director of brokerage services of The Goldstein Group. “Prime store locations, its proximity to Manhattan and its location at the crossroads of some of New Jersey’s most traveled highways, make Paramus the ultimate destination for national and local retailers, and consumers alike. We predict that this vacancy rate will drop throughout the year.â€
The survey analyzed over 135 properties along the highway corridor from the intersection of Farview Avenue to Linwood Avenue in Paramus, which encompasses over 3.4 million square feet of retail space. The malls in the corridor, Paramus Park Mall and the Garden State Plaza Mall, are excluded from the survey
According to The Goldstein Group’s analysis, the corridor has over 186,000 square feet of retail space currently available. Vacancies include 42,000 square feet at the Fashion Center; the 30,000-square-foot former Harrows; the 25,000-square-foot former Office Max; a 12,000-square-foot Gateway Computer Store; a 12,000-square-foot former Tower Records; and the 5,400-square-foot Dreyfus Financial Center.
Over 165,000 square feet of retail space was absorbed in 2006, including 35,000 square feet by Bob’s Discount Furniture and 17,000 square feet by Golf Galaxy. Other new tenants entering the market include Raymour & Flanigan, Trader Joes, Citibank, Leisure Fitness, Diamond Exchange, Bijou Bridal Shop, Dunkin Donuts/Baskin Robbins and Lenslab Express.
New construction in the marketplace includes a Courtyard by Marriott near the Garden State Parkway intersection. Adding to the desirability of the corridor is the over 160,000-square-foot expansion underway at the Westfield Garden State Plaza Mall. The new Loew’s 16-screen movie theater is slated to open this spring, as well as numerous new retailers and restaurants as part of a lifestyle addition, which will enhance this already successful mall.
“Paramus, with the highest retail sales in any other zip code in the United States, along with a population of over 600,000 people in five miles, continues to be one of the most desirable retail markets in the country,†added Lanyard. “That figure is astounding considering the Paramus Blue Laws restrict stores from opening on Sundays.â€
About The Goldstein Group
The Goldstein Group is New Jersey’s leading full service retail real estate brokerage. The Company provides a wide array of services including landlord and tenant representation focused on leasing, sales, development, property management and financial services. The Goldstein Group currently represents over eight million square feet of retail properties and over 50 national and regional retailers. Founded in 1986, the firm is headquartered in Glen Rock, New Jersey. Through the Company’s partnership with the Retail Brokers Network, it provides extended market coverage throughout the United States. For more information, contact Chuck Lanyard, principal and director of brokerage services at 201-703-9700, or visit the Company’s website at www.thegoldsteingroup.com.
For more information on the Retail Brokers Network, visit www.retailbrokersnetwork.com.
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