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New Haven Office Market Tightens
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Business New Haven
2/19/2001
By: BNH
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The New Haven office market showed renewed strength in the year 2000, according to Cushman & Wakefield. The company points to positive absorption levels, active leasing and tightening vacancy rates for the seventh consecutive year. A surging state and local economy, which most recently posted an unemployment rate of 2.1 percent, were contributing factors, and the region is positioned to attract new firms and accommodate expansion of existing companies.
The market's Class A sector, which includes 50 buildings, according to Cushman & Wakefield, recorded a 10.6 percent overall vacancy rate at year's end. The company reported “a demand for suburban space by tenants such as ESPN, Cox Radio Connecticut, Sirocco Systems, Blue Cross & Blue Shield of Connecticut, DSL.net, the town of Hamden and SNET.
Cushman & Wakefield pointed to the growth of biotech firms in greater New Haven, “with the city serving as the regional hub for the expanding industry.” Winstanley Enterprises purchased 300 George Street in New Haven for $27.5 million. The 550,000-square-foot site is being renovated to attract biotech firms.
In addition, Cushman & Wakefield pointed to efforts to revitalize troubled Science Park. Lyme Properties assumed management last year, succeeding the non-profit group formed by Yale, the city of New Haven and the state.
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