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New Haven County Office Market Finishes Strong At Year-End
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Business New Haven
3/20/2000
By: Priscilla Searles
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Heavy activity in suburban New Haven lent a major boost to New Haven County's office market activity for 1999. According to the Insignia/ESG Commercial Market Report, the suburban activity resulted in higher leasing velocity, positive absorption and availability rate.
Corporate downsizings in New Haven in 1998 had caused negative absorption county-wide, a trend reversed in 1999. New Haven County saw more than one million square feet of space leased, a 30-percent hike over 1998, and net absorption of 314,700 square feet. At the end of 1998 the absorption was a negative 161,330 square feet. Positive trends for 1999 caused the county availability rate to fall more than three percentage point over 1998 to 17.9 percent.
Downtown New Haven saw a leasing rate almost 12 percent higher than in 1998, at 322,640 square feet. Net absorption, although 34 percent lower than in 1998, remained positive for the year at 84,370 square feet. The central business district's availability inventory finished the year at 20 percent, more than one percent point down from 1998 and nearly five percentage points down from 1997.
According to Insignia/ESG, more than 45 percent of total space leased in New Haven County in 1999 was in blocks exceeding 20,000 square feet, compared to 29 percent in that category in 1998. The largest transaction was 94,510 square at 470 Wheelers Farms Road in Milford to Warnaco Inc., which was also the largest deal of the year. Yale University leased 56,500 square feet and Pirelli Tire 30,680 square feet at 300 George Street in New Haven. Wright Investors Service leased 47,330 square feet at 440 Wheelers Farms Road in Milford. Half of the county's largest deals took place in Milford and Hamden.
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