In the report, broker John Keogh attributes the drop to the biggest office lease signed in New Haven since the late 1980s, by Covidien, a global health-care products company, which signed a ten-year lease for 130,000 square feet in the Long Wharf Maritime Center, 555 Long Wharf Drive.
"It's the first time I've ever written one of these reports without using the word Yale," says Keogh, who has been compiling his New Haven office market reports since 2002.
During the third quarter of 2009, the city's total office market vacancy rate was 10.6 percent (8.2 percent for Class A space and 12.0 percent for Class B), placing New Haven "well ahead of the national average of 15.6 percent, as surveyed by Colliers International at the end of the second quarter" of 2009, the report says.
Keogh notes markets with vacancy rates under around 12 percent tend to see rental increases but New Haven's rents "have edged only slightly upward" and, for full service, average around $22 per square foot for Class A space and $18 for Class B space.
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