NEW HAVEN: A detailed real estate report by the real estate firm Colliers International shows that new developments in the recently ended 1st Quarter combined to produce a positive outcome for New Haven’s office market. While the report presents the information as good news the actual city’s vacancy rate has increased in the quarter.
More than 60,436 feet of square footage was absorbed in the quarter, which is a pretty healthy number for New Haven. As we previously reported in January, Colliers had not yet considered the new 95,000 of square feet by the new “tech” building, District. The most recent report includes that added space to the New Haven market, and it has increased the overall vacancy rate for the city from 19% percent at the end of 2017 to 19.3 percent today in spite of the new square footage leased.
The Collier’s report authored by New Haven realtor John Keough describes the District located at 470 James Street between the East Rock and Fair Haven neighborhoods.
EAST WINDSOR: Federal officials are giving the go ahead for Connecticut’s Mashantucket and Mohegan Tribes for a jointly owned satellite casino in East Windsor.
The casino will be at the now closed Showcase Cinemas in East Windsor. Connecticut officials and the tribes chose the spot just a few minutes south of the $800 million MGM casino expected to open in Springfield on September 1.
The casino was held up for more than six months as the U.S. Department of the Interior did not approve the plan. In February the tribes filed a lawsuit saying the department was delaying the plans.
By Mitchell Young
NEW LONDON: Connecticut will be making a $15 million investment at the Connecticut State Pier in New London, for its potential deployment as a staging site for equipment and workers for the seven offshore wind projects currently planned in the northeast.
Just last week, two major offshore wind projects were approved in the region representing up to 1200 Megawatts of production. Massachusetts approved in early May a 100 turbine project by Orange based Avantgrid’s subsidiary Avantgrid Renewables, based in Portland OR. The company will build the 800 megawatt wind power “farm,” 15 miles south of Martha’s Vineyard, construction is expected to begin in 2019.
WINDSOR LOCKS: The emergence of low cost airlines flying out of Bradley International Airport has driven down fares for Connecticut and western Mass travelers. According to a report by industry trade group Airlines for America, fares are the lowest they have been for nearly two decades.
The group says prices have been reduced by 11% [adjusted for inflation] since 2000 and the average one way fare from Bradley is currently $197.
Low cost airlines Jet Blue, and Spirit Airlines have been added to the Bradley line up in the past few years, contributing to the reductions. Spirit came to Bradley in 2017and flies to South Carolina and Florida and Jet Blue, which is expected to add more flights in the upcoming year began service in 2015.
Apartmentlist.com a national renter’s website released a report detailing the level of segregation in metro areas across the country and the relative difficulty that residents in segregated neighborhoods have with rental payments.
According to the report while cities are growing increasingly diverse generally, residential segregation still exists in all of the nation’s major cities. A release from the company’s director of research Chris Salaviati says “the Fair Housing Act is now 50 years old, but residential segregation observed today can be directly traced to the legacy of discriminatory housing practices.”
Connecticut metros, Bridgeport-Stamford, New Haven - Milford and Hartford - W.Hartford - E. are among the top tier of segregated cities in in the one hundred largest metro markets. New Haven- Milford metro is ranked #29. The overall segregation index of 0.49. meaning 49% of the minority population in the New Haven metro would need to move to another neighborhood in order for the demographics of each neighborhood to match the demographics of the metro as a whole.
The segregation is even greater in the Bridgeport-Stamford and Hartford [West Hartford- East Hartford metros. Bridgeport - Stamford has the #16 highest overall with an index at 0.53, while Hartford, W. Hartford E. Hartford ranks #19 at 0.51.
Affordability is a big issue for renters and for residents in segregated neighborhoods the difficulty is greater than the metro norm. In New Haven for example, neighborhoods in which 75% or more of the population are minorities have median incomes that are 34% below the median for the metro as a whole, while median rents in these neighborhoods are only 6% below the metro-wide median.
According to Apartmentlist.com, “residential segregation is associated with greater rent burdens and lower homeownership rates for minority households. The high levels of residential segregation that we still observe make it clear that this historically-rooted problem is one that our society has not yet solved. This issue has broad implications, since the neighborhoods in which we grow up play an important role in our success as adults.”
The full report is now available here.