2019-07-12_DTZ戴德梁行_Industrial_Q4_2018_Central_Connecticut_2页_385kb
报告摘要
Central Connecticut Industrial Market Summary
Core Content
This document provides an overview of the industrial market in Central Connecticut, focusing on economic and market indicators, as well as key lease and sales transactions in the fourth quarter of 2018. It highlights the region's economic and market performance, trends, and future outlook.
Economic Indicators
- Connecticut Employment increased from 1.82 million in Q4 17 to 1.84 million in Q4 18, showing a growth of 1.4%.
- Connecticut Unemployment decreased from 4.6% to 4.1% in the same period.
- U.S. Unemployment dropped from 4.1% to 3.7%.
- The population stabilized after three years of decline, aligning with a new administration's optimism for the state's economy.
Market Indicators
- Vacancy Rates fell from 8.4% in Q4 17 to 5.6% in Q4 18, reaching historical lows.
- YTD Net Absorption rose from 915,000 square feet (sf) in Q4 17 to 1.8 million sf in Q4 18.
- Under Construction decreased from 1.1 million sf to 855,000 sf.
- Average Asking Rent increased from $4.68 to $5.45 per square foot per year (NNN), reaching a new high.
Market Overview
- Demand remained stable, with positive absorption of 1.8 million sf year-to-date (ytd).
- Large transactions were limited, but notable ones included:
- Economy Spring's commitment to 251,000 sf in Southington.
- BYK's lease of 131,000 sf in North Haven.
- Vacant investor sales were highlighted by:
- Winstanley Enterprises' acquisition of the 1.9 msf JC Penney Distribution Center in Manchester.
- Calare Properties' acquisition of the 180-acre former Bristol Myers campus in Wallingford.
- UHaul's purchase of 191,000 sf in Hartford.
Supply and Construction
- Speculative construction and proposed projects are underway, driven by tight supply of high, clean, and newer industrial product.
- Active projects include:
- Scannell Properties' 400,000 sf speculative project.
- Proposed developments in Wallingford (Calare), Plainville (Metro), Bloomfield (GFI), and South Windsor (Scannell).
- Winstanley Logistics planning projects in Enfield, Bloomfield, Windsor, and Plainfield.
Market Outlook
- The outlook for the central Connecticut industrial market is positive, with several favorable factors:
- Alignment of economic and market forces.
- Competitive leasing rates compared to adjacent markets like Boston and Northern New Jersey.
- Favorable employment availability.
- Lower occupancy costs.
- Optimism from the new state government.
- The market is expected to continue or improve historically strong performance.
Submarket Analysis
| Submarket | Inventory (SF) | YTD Leasing Activity (SF) | YTD Sales Activity (SF) | Overall Vacancy Rate | YTD Net Absorption (SF) | Under Construction (SF) | Avg. Net Rent (HT) | Avg. Net Rent (MF) | Avg. Net Rent (W/D) | Avg. Net Rent (All) |
|---|---|---|---|---|---|---|---|---|---|---|
| Hartford | 5,012,620 | 140,048 | 206,954 | 8.9% | (132,000) | - | N/A | $6.06 | $6.62 | $6.25 |
| Western Hartford | 18,459,285 | 759,286 | 151,823 | 2.7% | 544,420 | - | $5.46 | $3.56 | $4.69 | $4.29 |
| Southern Hartford | 15,362,575 | 784,988 | 272,137 | 4.7% | 1,288,600 | - | $5.88 | $4.92 | $4.82 | $5.10 |
| Eastern Hartford | 23,702,884 | 614,412 | 2,336,667 | 9.2% | (908,724) | - | $6.61 | $3.92 | $5.70 | $5.50 |
| Northern Hartford | 31,729,969 | 556,610 | 1,184,448 | 5.7% | 465,307 | - | $5.26 | $4.83 | $5.09 | $5.07 |
| New Haven | 2,425,826 | 222,423 | 35,160 | 3.8% | 151,787 | - | N/A | N/A | $5.40 | $5.40 |
| Western New Haven | 10,469,748 | 259,650 | 122,387 | 3.1% | (41,187) | - | $5.83 | $3.45 | $4.51 | $4.80 |
| Route 8 Corridor | 5,594,270 | 420,132 | 142,440 | 9.7% | 147,560 | - | $5.29 | $4.01 | $4.69 | $4.65 |
| Northern New Haven | 25,200,141 | 634,598 | 1,093,486 | 4.7% | 341,579 | 855,000 | $7.73 | $5.76 | $4.68 | $6.55 |
| Eastern New Haven | 4,282,716 | 174,570 | 165,720 | 4.9% | 22,988 | - | $9.10 | $9.78 | $4.77 | $7.86 |
| Central CT Total | 142,240,034 | 4,602,717 | 5,711,222 | 5.6% | 1,880,245 | 855,000 | $6.99 | $4.87 | $5.17 | $5.45 |
Key Lease Transactions Q4 2018
| Property | SF | Tenant | Transaction Type | Submarket |
|---|---|---|---|---|
| 75 Aircraft Road, Southington | 251,099 | Economy Spring | New Lease | Western Hartford |
| 100 Sanrico Drive, Manchester | 191,492 | TJX | Renewal/Extension | Eastern Hartford |
| 33 Stiles Lane, North Haven | 131,248 | BYK | New Lease | Northern New Haven |
| 83 White Oak Drive, Berlin | 50,360 | Wurth Revcar | New Lease | Southern Hartford |
| 6 Northrop Industrial Park Road West, Wallingford | 50,000 | Best Buy | New Lease | Northern New Haven |
Key Sales Transactions Q4 2018
| Property | SF | Seller/Buyer | Price / $PSF | Submarket |
|---|---|---|---|---|
| 1339 Tolland Turnpike, Manchester | 1,950,398 | JC Penney / PPF WE 1339 Tolland Turnpike LLC | $70,000,000 / $36 | Eastern Hartford |
| 550 Research/160 Corporate, Meriden | 547,730 | Research LLC / Sky 103 LLC | $23,661,550 / $43 | Northern New Haven |
| 40 Brainard Road, Hartford | 191,384 | Brainard Fee, LLC / Amerco Real Estate Company | $6,750,000 / $35 | Hartford |
| 601 Marshall Phelps Road, Windsor | 123,387 | Chromalloy Gas Turbine / AGNL JET LLC | $9,950,000 / $81 | Northern Hartford |
Notes
- Rental rates reflect NNN asking $PSF/year.
- MF = Manufacturing, W/D = Warehouse/Distribution.
- Renewal transactions are not included in leasing activity statistics.
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