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The Property Exchange
Office, industrial space tighten
while office space overhang continues
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Business New Haven
10/19/1998
By: BNH
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According to its mid-year report for the greater New Haven commercial real estate market, CB Richard Ellis cites significant net absorption through mid-year 1998 in both the office and industrial markets
The report describes an office market totaling 10.8 million square feet, with 2.1 million square feet of available space. A net of 548,000 square feet of office space was absorbed through mid-year, with 589,000 square feet of that absorption taking place in the second quarter. The report characterizes the absorption as a “dramatic improvement” for the region. The much larger greater Hartford market, while also rebounding, absorbed 429,000 square feet during the same period. The New Haven region maintains, however, an office vacancy rate of 9.2 percent.
The city of New Haven saw more than 108,000 square feet absorbed, with 20.5 percent remaining vacant. The western New Haven suburbs saw more than 324,000 square feet of office space absorbed by mid-year, but post a 26.9-percent vacancy rate, which reflects new space added to the market.
The report cites a tightening industrial market with an absorption of 637,278 square feet regionwide for the six-month period, with 422,000 square feet of that occurring during the second quarter. The city of New Haven, however, continued its industrial decline with a loss of 25,000 square feet of leased space. Regionwide, the market includes 46,363,641 square feet, and overall vacancy levels declined to 12.6 percent.
Realtors have cited the limited inventory of quality industrial properties between 5,000 and 15,000 square feet as holding back leasing and sales activity.
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