With economic improvement and job gains returning the region to its pre-recession vitality, the Southern New Hampshire office sector through mid-year 2014 has enjoyed renewed momentum. The state has nearly regained all of its jobs lost during the downturn, resulting in an unemployment rate of 4.4 percent, which is well below the current national average of 6.3 percent. At the same time, the picture has changed a bit. The hard-hit financial services sector is rebounding, although slowly, while notable expansion in business services, technology, education and health services has translated to a surge in demand for office space among diverse industries. Over the past several months, Comcast leased 147,000 square feet in Hudson; Hospital Corporation of America leased 48,000 square feet in Salem; Anthem Health of New Hampshire took 46,000 square feet in Manchester; and Citizens Bank committed to 29,418 square feet in Manchester. In Bedford, Mass Mutual committed to 18,000 square feet while engineering firm Vanasse Hangen Brustlin took 19,000 square feet. This steady activity has led to improving fundamentals across the board. The overall office vacancy rate fell to 17.6 percent during the first quarter (compared to a long-term average of 18.6 percent and a recession–prompted high of …
New Hampshire
Along the Seacoast in New England, the industrial sector has been busy during the past 12 months with a number of sales and leases, reflecting the steady recovery of the economy. There is more activity and we are even seeing a new crop of startups in the market looking for space. Buyers have found opportunities to pick up industrial properties at attractive prices and while locking in low interest rates from commercial local banks offering SBA and conventional financing. The largest recent deal in the market is SigSauer’s lease of a 206,000-square-foot facility at The Pease International Tradeport. The Exeter, New Hampshire-based company is making a substantial investment in building upgrades and new equipment before moving in. Rochester, New Hampshire, was successful in attracting a new 343,000-square-foot project at The Granite State Business Park. The building is a joint project between Albany Engineered Composites and Safran, a French aerospace company. The building will be located on a 50-acre parcel and will employ approximately 400 workers. Westinghouse is expanding from its existing base in Newington to an 80,000-square-foot building at the nearby Pease International Tradeport. The company has signed a lease at this high-bay building and is completing renovations before moving …
New Hampshire has a big story to tell: a lower than average unemployment rate, low poverty and crime rate, high median household income and a well-educated population. We are among the healthiest and safest states in which to live. All of these factors contribute to continued population growth which will drive the goods and services sectors. New Hampshire also benefits from its proximity to Massachusetts and Maine as well as Canada whose shoppers are eager to take advantage of the absence of a sales tax. Prior to 2009, the Northern New England retail market was vibrant and active. However, retail expansion in the market came to a halt in 2009 and 2010 while the economy tried to dig itself out of stagnation. This year has seen a moderate uptick in activity both from a local and national perspective. Demand for retail space in northern New England is slowly returning. For the past several months, national retailers have been focusing on major metropolitan markets rather than peripheral markets. If retailers have a limited open to buy, chances are smaller cities such as Portsmouth may not be on their initial target list for expansion. However, quality retail space is continually being absorbed. …
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