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Business & Tech

Downtown Vacancy Rates Settle at a Low Level

Despite recession, Cranford's downtown retail occupancy is healthier than some.

The vacancy rate for retail spaces in downtown Cranford remains at what is considered to be a good one in this economy.

With only 4.8 percent of storefronts empty, Cranford's Special Improvement District is doing quite well, said director of the Downtown Management Corporation Kathleen Miller Prunty. She added that Cranford has about 169 first-floor retail spaces and eight vacancies.

"While I'm not disparaging other downtowns in New Jersey, there are some terrific downtowns that have vacancy rates of eight, 10, 14, 19 percent," she explained. "I can tell you considering these economic times and comparing to other downtowns, (Cranford's) is very low."

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Ron DeLuca, the vice president of New Jersey real estate brokerage R.J. Brunelli & Co., agrees with Prunty's assessment. This company publishes statistics about vacancies along New Jersey state highways every year.

"If you have a 5 percent vacancy rate along your retail corridor, you're doing very well in this particular economy; even for downtowns," he said. "In this particular marketplace it wouldn't be unusual to see some areas with double-digit rates."

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As an example, the neighboring town of Summit has a vacancy rate hovering around 13 percent, according to the township's Downtown Review Task Force.

Also more businesses are coming into Cranford than are going out. In the time period between January 2009 to February 2010, 24 new businesses including Ole Fire Grill opened up, while 10 businesses including a Blockbuster and Sovereign Bank closed shop, according to a press release by the Cranford Downtown Management Office.

Cranford's vacancy rate is comparable to nearby Westfield, where the downtown retail vacancy rate is approximately 5 percent, according to Sherry Cronin, executive director of Downtown Westfield Corporation.

But that doesn't mean Cranford's downtown hasn't felt the sting of the economy. The nationwide recession is taking a toll on some business owners who own property.

Dean Pollera, owner of retail space at 101-103 Miln Street, noting that  some of his properties have remained vacant longer than in prior years; although he hasn't needed to drop his rental rates just yet.

"Cranford has been affected like any other area," he said.

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