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Market Report

Northern New Jersey Retail Market Report

2024 Investment Forecast

Historically Tight Vacancy Set to Fall Further;
Investors Follow Suburban Growth Patterns

Affluent consumer base supports largest decrease in retail vacancy nationwide. Northern New Jersey’s high median income — surpassing $100,000 in 2024 — has been one of the several factors supporting the local retail sector through the recent inflationary period. Downward trends in construction activity noted since the onset of the health crisis have accelerated, with this year expected to see the smallest square-foot addition in multiple decades. Together, this will translate to the largest decrease in vacancy noted across all major markets nationwide in 2024. Certain locales could see more emphatic declines due to their proximity to nascent office hubs. Jersey City’s Hudson Waterfront has emerged as one of the region’s hotspots for office leasing in recent years, which should draw retailers seeking to capitalize on the well-compensated employees here, in addition to nearby residents. Morristown has similarly attracted a wide range of firms seeking out lower-cost suburban offices, a dynamic that should benefit nearby retailers in the area’s downtown and nearby zones. 
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