2019-07-12_DTZ戴德梁行_Industrial_Q4_2017_Central_Connecticut_2页_124kb
报告摘要
Central Connecticut Industrial Market Summary
Core Content Overview
The Central Connecticut industrial market experienced notable growth in 2017, driven by national trends in online retail and distribution. The state's economy added approximately 20,000 jobs, with unemployment decreasing by 100 basis points (bps) to 4.6% in Q4 17. However, this growth was slower compared to the national unemployment drop of 60 bps. The market saw a tightening vacancy rate, with overall vacancy reaching a new all-time low of 8.4% in Q4 17, down from 12.0% in Q4 16. Rents also increased, from $4.40 psf in 2014 to $4.69 psf by the end of 2017.
Key Market Indicators
| Indicator | Q4 16 | Q4 17 | 12-Month Forecast |
|---|---|---|---|
| Connecticut Employment | 1.80M | 1.82M | ▲ |
| Connecticut Unemployment | 4.7% | 4.6% | ▼ |
| U.S. Unemployment | 4.7% | 4.1% | ▼ |
| Vacancy | 12.0% | 8.4% | ■ |
| YTD Net Absorption (sf) | 1.2M | 915k | ▲ |
| Under Construction (sf) | 775k | 1.1M | ■ |
| Average Asking Rent* | $4.50 | $4.68 | ■ |
- Rental rates reflect NNN asking $psf/year
Submarket Performance
| Submarket | Inventory (SF) | YTD Leasing Activity (SF) | YTD Sales Activity (SF) | Overall Vacancy Rate | YTD Net Overall Absorption (SF) | Under CNSTR (SF) | Avg. Net Rent (Flex) | Avg. Net Rent (MF) | Avg. Net Rent (W/D) | Avg. Net Rent (All) |
|---|---|---|---|---|---|---|---|---|---|---|
| Hartford | 5,012,620 | 60,365 | 450,855 | 7.1% | 38,965 | - | N/A | $3.44 | $6.19 | $5.46 |
| Western Hartford | 18,459,285 | 242,879 | 270,529 | 7.5% | 287,498 | - | $4.83 | $2.55 | $4.70 | $3.46 |
| Southern Hartford | 14,787,575 | 556,773 | 137,319 | 10.4% | -118,443 | 40,000 | $5.97 | $4.39 | $5.19 | $4.93 |
| Eastern Hartford | 23,702,884 | 544,804 | 1,335,490 | 8.0% | -62,182 | - | $6.28 | $3.07 | $4.11 | $3.98 |
| Northern Hartford | 30,916,769 | 497,489 | 2,986,578 | 7.0% | 462,124 | 83,200 | $4.91 | $4.58 | $4.49 | $4.57 |
| HARTFORD SUBTOTAL | 92,879,133 | 1,902,310 | 5,180,771 | 7.9% | 607,962 | 123,200 | $5.65 | $3.56 | $4.62 | $4.28 |
| New Haven | 2,425,826 | 106,295 | 65,623 | 10.9% | 93,934 | - | N/A | $7.00 | $5.40 | $5.57 |
| Western New Haven | 10,469,748 | 99,070 | 250,666 | 4.8% | 64,670 | - | $6.47 | $6.45 | $5.34 | $5.52 |
| Route 8 Corridor | 5,594,270 | 136,359 | 34,000 | 16.0% | 78,954 | - | $5.91 | $4.08 | $4.13 | $4.21 |
| Northern New Haven | 25,519,641 | 567,117 | 715,593 | 10.3% | 101,888 | 935,500 | $7.59 | $5.13 | $4.94 | $5.65 |
| Eastern New Haven | 4,282,716 | 89,383 | 0 | 6.2% | -32,363 | - | $12.16 | $9.17 | $4.66 | $7.79 |
| NEW HAVEN SUBTOTAL | 48,292,201 | 998,224 | 1,065,882 | 9.5% | 307,083 | 935,500 | $7.60 | $5.33 | $4.80 | $5.35 |
| CENTRAL CT TOTAL | 141,171,334 | 2,900,534 | 6,246,653 | 8.4% | 915,045 | 1,058,700 | $6.52 | $4.70 | $4.01 | $4.68 |
Market Outlook
The outlook for the Central Connecticut industrial market is positive. Continued demand from investors indicates confidence in the sector. With limited speculative construction, the market is expected to remain tight. The main challenge for 2018 will be the availability of desirable space, which is projected to limit absorption. Macroeconomic and national trends suggest ongoing demand for industrial properties near population centers, which Central Connecticut is well-positioned to capitalize on due to its strategic location between Hartford, New York, Boston, and Providence.
Key Lease Transactions Q4 2017
- 300 Montowese Avenue, North Haven: 295,730 sf, Bozzuto's Inc (Renewal)
- 475 Willard Avenue, Newington: 204,000 sf, Corsicana Bedding (New)
- 85 Moosup Pond Road, Plainfield: 200,000 sf, Staples (New)
- 18 Craftsman Road, East Windsor: 120,000 sf, Walgreens (New)
- 755 Rainbow Road, Windsor: 89,200 sf, SCA Pharmaceutical (New)
- 68 Prospect Hill Road, East Windsor: 84,000 sf, Ebtec (New)
Renewal transactions are not included in leasing activity statistics.
Key Sales Transactions Q4 2017
- 500 North Street, Windsor Locks: 968,184 sf, Areh Windsor Locks / We 500 North Street, Price: $50.0M / $52 psf
- 100 Print Shop Road, Enfield: 587,736 sf, National Industrial Portfolio / Winstanley Enterprises, Price: $29.0M / $49 psf
- 300 Shaker Road, Enfield: 450,000 sf, National Industrial Portfolio / Winstanley Enterprises, Price: $33.14M / $74 psf
- 170 Highland Park Drive, Bloomfield: 449,000 sf, National Industrial Portfolio / Winstanley Enterprises, Price: $24.4M / $54 psf
- 40 Pepes Farm Road, Milford: 200,000 sf, CPI 40 Pepes Farm 2 / STAG Industrial Holdings, Price: $12.8M / $64 psf
- 100 Sanrico Drive, Manchester: 191,492 sf, 100 Manchester Realty / 100 Sanrico Drive Holdings, Price: $6.2M / $32 psf
- 4 Craftsman Road, East Windsor: 149,800 sf, IPT East Windsor DC / STAG Industrial Holdings, Price: $7.7M / $51 psf
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