Retail Vacancy Rate on Route 23 Slightly Higher Than State Average
About 8.8 percent of retail space on the Route 23 corridor is empty, new survey shows.
Despite vacant properties littering the retail landscape, several businesses have moved into Wayne recently.
The Goldstein Group released a recent survey of 22 retail corridors in North and Central Jersey this week.
Tiger Schulman’s and Title Boxing opened businesses in town and a European food market on Mountain View Boulevard are some examples.
The Route 23 business corridor form Wayne to Butler has an 8.8 percent vacancy rate. There is nearly 329,000 square feet of vacant business space out of more than 3.7 million square feet of available space.
There are several properties in town that remain under utilized and under developed, including the Wayne Town Center and Wayne Hills Mall.
Officials continue to examine ways to make Wayne more business friendly.
Wayne appears to be surrounded by retail areas that are both growing and shrinking.
Route 46 has a 9.4 percent vacancy rate and the Route 17 corridor has an 11.4 percent rate. The Route 3 corridor in Clifton has one of the lowest vacancy rates in the state, 2.2 percent.
North Jersey retail markets continue to fare stronger in terms of demand for space and lower vacancy rates when compared to Central Jersey counterparts.
The overall retail growth of North and Central Jersey retail markets have experienced has sustained minimal improvement. The state’s retail vacancy rate remained at 7.8 percent throughout 2012. The U.S. average is 13.5 percent.