In a recently published second-quarter retail report for northern and central New Jersey, commercial real estate firm Colliers International said the regions saw a combined 543,128 square feet of negative net absorption.
The Wayne and Paterson area posted some of the highest negative absorption year-to-date.
“The Monmouth East submarket posted the largest occupancy gain, with 159,350 square feet of positive net absorption this quarter,” Colliers said in the report.
The Wayne/Paterson area posted 324,126 square feet of negative net absorption.
Colliers reported average asking rents in the region have increased 8.9 percent year-over-year, to $21.16 per square foot.
“The Hudson Waterfront submarket continued to post the highest quarterly asking rents, at $33.19 per square foot, as well as the lowest availability rate, at 2.2 percent,” Colliers said. “The largest transaction this quarter was completed by Kohl’s, who will be taking 30,257 square feet at 70 Princeton Hightstown Road in East Windsor. Marshalls leased 25,015 square feet at 545 State Route 17 S. in Paramus.
“Two of out the Top 5 leases belonged to fitness clubs this quarter. Planet Fitness continues to expand their presence in the state, and will be taking 18,500 square feet at 251 Broad Ave. in Fairview. The Zoo Health Club will be opening its first location in New Jersey by leasing 17,000 square feet at 307-385 U.S. Highway 22 in Bridgewater.”
Based on property type, Colliers reported, general retail and shopping center assets have posted the highest negative absorption at 387,142 square feet and 214,955 square feet for the quarter, respectively. By contrast, power center and mall assets had the highest positive net absorption for the quarter, at 43,924 square feet and 12,957 square feet, respectively.