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Connecticut Real Estate Market Overview

Jeffrey M. Livingston Managing Director/Partner. Connecticut Real Estate Market Overview. Connecticut Real Estate Market. Where are we?. What happened?. Where are we going?. National Office Market. *2002 numbers are estimated. National Office Market. (X 1,000 SF).

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Connecticut Real Estate Market Overview

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  1. Jeffrey M. Livingston Managing Director/Partner Connecticut Real Estate Market Overview

  2. Connecticut Real Estate Market Where are we? What happened? Where are we going?

  3. National Office Market *2002 numbers are estimated

  4. National Office Market (X 1,000 SF) *2002 numbers are estimated

  5. National Office Market *2002 numbers are estimated

  6. Regional Office Market Economic Summit & Outlook ’03 January 3, 2003 CBREL

  7. Regional Office Market Boston Hartford New Haven Fairfield New York City

  8. Regional Office Market Boston Hartford New Haven Fairfield New York City

  9. Connecticut Office Market Hartford New Haven Fairfield

  10. Connecticut Office Market

  11. Lease TransactionsFairfield Andor Capital One American Lane Greenwich Marsh Mercer 601 Merritt 7 Norwalk UDV Guiness 9 West Broad Street Stamford

  12. Connecticut Office Market

  13. Lease TransactionsNew Haven Carmody Torrence 195 Church Street New Haven Drug Enforcement Agency 55 Church Street New Haven Rib-X 300 George Street New Haven Verizon 699 Research Parkway Meriden

  14. Connecticut Office Market

  15. Lease TransactionsHartford Advest Group 90 State House Square Hartford Zurich North America 500 Enterprise Drive Rocky Hill ConnectiCare 175 Scott Swamp Road Farmington City of Hartford 250 & 260 Constitution Plaza Hartford The Hartford 400 Executive Drive Southington

  16. Construction 180 Glastonbury Boulevard Glastonbury 105,000 S/F 175 Scott Swamp Farmington 103,000 S/F 5 Batterson Park Road Farmington 125,000 S/F 455 Winding Brook Drive Glastonbury 86,000 S/F 400 Capital Boulevard Rocky Hill 103,000 S/F 500 Enterprise Drive Rocky Hill 56,000 S/F

  17. What Happened? • Election of 2000 • Capital Market Conditions • VC Funded Revenue Streams • The Tech Wreck • September 11th • War in Afghanistan • Financial Accounting Scandal

  18. Where are we going? • Jobless Recovery (Initially) • Vacancy Rates Increase • Rates decrease then stabilize by year end • Watch Two Things • -Capital Markets • -Employment • The Commercial Real Estate market should stabilize by the end of 2003. The key is employment.

  19. Where are we going? Expert Commentary Ronald Uretta, President, COO Insignia/ESG “I don’t think we’re going to see a material movement on the horizon. I don’t want to be a doomsayer, but the next 24 months are going to be quite challenging.” Bruce Mosler, President, US Operations, Cushman & Wakefield “The first half of 2003 is going to be difficult… Nevertheless, I’m optimistic for the second half of 2003.” Earl Webb, CEO, Americas, Jones Lang LaSalle “For 2003, you’re probably talking about a duplication of 2002… it will be 2004 before we see any positive impact on real estate.” Extracted from Real Estate Forum, December 2002

  20. Where are we going? Landlord Issues • It’s a Tenant Market • Sublease Issues • Retention of Tenancy • Transaction Expenses • -TI/Refurbishment • -Fees • -Lost Rent • Credit

  21. Where are we going? Tenant Issues • It’s a Tenant Market • Credit deals have great opportunity • Direct space vs. Sublease space • Flight to Quality • Move Inertia

  22. THANK YOU For copies of this presentation, please contact CB Richard Ellis, Hartford

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