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Northeast Market Reports

Despite Challenges, Fairfield County Office Market Shows Improvement Potential

With employment representing one of the most critical factors in the health of the office sector, people naturally look to the unemployment rate as a key metric to quickly assess a given market. By this standard, Fairfield County should be thriving, with the unemployment rate at 4.4 percent in April 2017 — just under the 4.8 percent rate reached just prior to the recession. And yet, the availability rate in Connecticut’s largest office market stood at 24.5 percent at the end of the first..

August 9, 2017

High-End, Specialty Retailers See More Promise in Western New York

[caption id="attachment_183539" align="alignright" width="100"] Douglas Jerum, Ferrar Jerum International LLC[/caption] A trend in retail activity in Western New York and the Finger Lakes Region over the past six to 12 months has been the announcement or arrival of a number of high-end or specialty retailers and restaurants. Although traditionally these retailers are more selective about the markets they enter, as they continue to grow nationally they have to expand the list of potential..

August 2, 2017

Connecticut’s Tight Industrial Market may Limit Opportunity for Growth

[caption id="attachment_183528" align="alignright" width="100"] Mark Duclos, Sentry Commercial[/caption] One might expect that the industrial real estate market is in rough shape in a state with a projected $1.7 billion state budget deficit, where the capital city (Hartford) has discussed bankruptcy, and where one of the most famous employers (General Electric) has moved out — not to mention the state’s high taxes and high wages. However, the industrial real estate market is one of..

July 31, 2017

The Changing Face of the Providence Industrial Market

The latest CoStar Industrial Report for Providence reports that 2016 ended on a positive note on many fronts for the industrial real estate sector. The Providence industrial vacancy rate overall was down to 4.6 percent, a steady drop from 4.8 percent at the end of third quarter 2016, 5.3 percent at the end of second quarter 2016 and 6.4 percent at end of first quarter 2016. Flex projects showed a vacancy rate of 7.1 percent at end of fourth quarter 2016, a sharp drop from a rate that held..

June 21, 2017

Redevelopment Drives Much of the Retail Story in Pittsburgh

Pittsburgh retail can be summed up in three words: location, location, location — and the original definition of great real estate has never been more pronounced than it is today in the Pittsburgh retail market. According to some publications, retail and retailers appear to be struggling almost everywhere for many different reasons, including online sales, too many stores, market conditions and oversaturation of product. However, as of year-end 2016, CoStar indicated that the overall..

June 14, 2017

Office Leasing Down in Pittsburgh, But Tech Sector is Growing

The Urban Land Institute (ULI) listed Pittsburgh among its top five markets to watch in the 2017 Emerging Trends in Real Estate report due to its low cost to do business; access to talent via four major universities; and its status as an emerging tech hub with the likes of Uber, Google, Facebook and most recently, Amazon, establishing regional research and development centers in the city. Citizens Bank announced that it would remain a tenant in 525 William Penn Place, where it occupies..

June 7, 2017

Cross-Border Investments Continue to Surge in Manhattan

As the U.S. economy passes through the third largest expansion cycle in the economic history, every sector in the economy has seen phenomenal growth over the last six to seven years. The growth in other industries has had a trickle-down effect on the real estate sector. U.S. real estate has seen rents surging and even surpassing the previous expansion cycle, as well as an increase in leasing and absorption activity and a record rise in the value of sales transactions. Manhattan has always been..

May 24, 2017

Retailers Take Advantage of New Opportunities in Manhattan

The news is rife with stories regarding retail bankruptcies, store closures, challenges facing conventional shopping centers, and consolidations by department and specialty stores. Although not immune to some of these challenges, the Manhattan retail environment has enjoyed much activity during the second half of 2016 and the first part of 2017. To be sure, some submarkets and certain retail corridors have seen an increase in vacancies and a corresponding fall in asking rents. However, a number..

May 17, 2017

New Jersey’s Post-Suburban Economy Feeds Statewide Multifamily Investment

With city-like, apartment-rental living back in vogue, New Jersey — from its urban centers to its suburban bedroom communities — is transitioning to more walkable, transit-focused neighborhoods. From Northern, Central and Southern Jersey’s green, well-manicured garden-apartment courtyards to the sleek Class A high-rises peppering Hudson County’s Gold Coast, multifamily living and investment are catalysts for sustained statewide economic and population growth. The groundwork for this..

May 10, 2017

Non-Traditional Retailers Are Behind Much of the Leasing Activity in New Jersey

Business was brisk in 2016 for retail real estate brokers in Central and Northern New Jersey. As online shopping continued to impact which retailers fill brick and mortar spaces, several trends emerged at malls and along New Jersey’s highways. The shrinking list of retail categories in which customers prefer or need to visit a store in person includes quick-serve and sit-down restaurants. Chick-fil-A opened new stores in Woodbridge and Jersey City; Chipotle in Holmdel; and Habit Burger in..

May 3, 2017