Despite unstable economic conditions, retail businesses are steadily growing in East Brunswick, especially along the Route 18 corridor.
According to township Economic Coordinator Ed Cohen, the state highway has been a catalyst for the economic progress of the area, with a consistent influx of retail stores and a recent drop in vacancy rates.
“We’re looking at a lot of activity in general, but the most activity is happening on Route 18,” Cohen said during a presentation at the Feb. 22 Township Council meeting. “And that’s because we put in a big effort.”
Last year, officials launched an effort to promote the town and the Route 18 business corridor in particular through a variety of means in hopes of boosting the local economy. In July 2009, Mayor David Stahl and others hosted an economic summit that featured a tour of the area for developers and other potential investors. Stahl noted that like the rest of the nation, Route 18 had suffered somewhat from the economic downturn, and by reaching out to real estate professionals, local officials hoped to bring new business to the highway.
Last year, the retail vacancy rate reached 18 percent, up from a low point of 2.8 percent in 2001.
However, the vacancy rate has dropped to below 15 percent, according to Cohen. Of 3.1 million square feet of retail space, about 500,000 square feet is vacant.
“In the imminent future, there are several people moving into town that will fill up a lot of that empty space,” Cohen said. “In reality, we only have about 250,000 square feet of vacancies.”
Cohen noted many additions that are expected to arrive in 2010.