The quick take away: respondents are generally positive about markets, except for the office market and the overall economy, Of the 72 respondents 47 were brokers and 15 economic development professionals from Connecticut and out-of-state, nearly one-third of respondents were from New Haven County.
Respondents generally rated local market conditions as satisfactory, with a majority saying the industrial, investment, and residential markets in their respective regions were “Excellent” or “Good”. The local office market didn’t bring as positive a response however, three quarters of the respondents rating their local office market poor or fair.
The robust residential apartment market, across the state brought half of the real estate and economic development professionals well into the plus column with an “Excellent” or “Good.” Rating. One-quarter however said the market was “Poor,” and one-third said the overall economy was itself “Poor.”
Generally business conditions are seen as improving by a majority, with 57% reporting reporting “an increase in buyer interest or inquiries compared to this time last year.” Nearly half (48%) reported an increase in the number of deals they consummated. There was an increase of in the number of deals and buyer interest.
Erron Smith, CERC’s Real Estate Program Manager, explained that the market appears to be shifting, saying “as the need for large office space continues to decline, the demand for modern industrial manufacturing and distribution space continues to increase. End-users have communicated that they are willing to pay a little more, if it translates into occupying a space that can satisfy their operational needs.”