Real Estate Group Forecasts Fewer Retail Vacancies
But will Hillsborough's empty spaces get new tenants?
The Goldstein Group, one of New Jersey's largest commercial real estate brokerage firms, says 2013 will see continuing improvement in retail space leasing—but will that mean Hillsborough's empty storefronts will be filling up?
“The Northern and Central New Jersey retail real estate market continues to improve but it is still a ‘tenants’ market,” noted President Chuck Lanyard of The Goldstein Group. “Opportunistic retailers are leasing at attractive rental rates and securing locations by taking advantage of market conditions.”
The company's "2012 Year End Vacancy Report," issued earlier this month, says some companies are looking to take advantage of market conditions to secure favorable leases on spaces larger than 5,000 square feet. This could mean new tenants for Hillsborough's empty K-Mart store and the former Cost Cutters store location.
But the strongest segment will be in leases for spaces between 1,000 and 5,000 square feet, the report says. Spaces such as the closed Blockbuster appear ripe for the picking by companies such as Advance Auto, Big Lots, Children’s Place, Ulta, Carters, Dollar Tree, Dollar General, companies the report notes that have been very active in northern and central New Jersey.
And several growing restaurant chains—Chipotle, Corner Bakery, Joe's Crab Shack—have been expanding and could find one of Hillsborough's vacant storefronts usable.
The report says Zinburger, Sonic, Pot Belly, Popeyes, Quakersteak & Lube and Chick-Filet also continue to expand.
"We are seeing this new trend of shopping center spaces being now utilized by medical and dental practices," the report says. "Prior to the recession, landlords were reluctant to lease space to the medical community, but having space leased is critical and landlords are now more receptive and these uses do create additional traffic to a retail center. Some of the new medical tenants utilizing retail space include Dr. Dental, PM Pediatrics, Doctors Express and Doctor’s Office Urgent Care."
What would you like to see open in Hillsborough (besides Trader Joe's or Whole Foods, which are not opening stores in our area)? Have you been to any of the companies mentioned in the report that you would recommend for Hillsborough?