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Hartford. Hartford Office and Industrial Markets Connecticut Commercial Real Estate Conference March 6, 2012. National Industrial Trends. National Industrial Vacancy. National Industrial Rents. Hartford Industrial Market. 89,000,000 – 97,000,000 SF Market

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Presentation Transcript
hartford

Hartford

Hartford Office and Industrial Markets

Connecticut Commercial Real Estate Conference

March 6, 2012

BARTRAM & COCHRAN

national industrial rents
National Industrial Rents

BARTRAM & COCHRAN

hartford industrial market
Hartford Industrial Market
  • 89,000,000 – 97,000,000 SF Market
  • Major firms are relying on CoStar for data
  • Functionally obsolete buildings distort the statistics
  • Industrial vacancy of 9.5 to 13.3%
  • Market has swung from negative absorption to positive
  • 400,000 SF of construction projected from 2012-15
  • Market cycle – last phase of recession. Good buildings in recovery. Six- seven years for the market to balance
  • 8.5 to 9% going in cap rate for industrial/ manufacturing

BARTRAM & COCHRAN

industrial inventory
Industrial Inventory

BARTRAM & COCHRAN

top industrial sales
Top Industrial Sales

BARTRAM & COCHRAN

national office trends
National Office Trends

BARTRAM & COCHRAN

hartford office market
Hartford Office Market
  • 25,000,000 SF multi-tenant building market
  • Slowly improving activity – going from an average loss of 1,900,000 SF a year for three years to projected (depending on those interviewed) sharply slower losses to positive absorption
  • No major new-to-market leases
  • Market cycle: last phase of the recession, poised for recovery
  • Stabilized market 7-8 years for CBD, 5 years for suburbs
  • Going in cap rate 9.5% (CBD), 8.75% (suburban)

BARTRAM & COCHRAN

hartford office 4q11
Hartford Office 4Q11

BARTRAM & COCHRAN

impact of owner occupied
Impact of Owner-Occupied

BARTRAM & COCHRAN

2011 major office leases
2011 Major Office Leases

BARTRAM & COCHRAN

office sales
Office Sales

BARTRAM & COCHRAN

academic
Academic

BARTRAM & COCHRAN

institutional
Institutional
  • CREC buying land/ building/ leasing/ renovating seven magnet schools, including Avon, Hartford, Enfield and New Britain
  • Hartford Hospital building parking garage
  • UCONN Medical $1 billion expansion
  • Jackson Lab $1.1 billion development
  • State considering buying office buildings

BARTRAM & COCHRAN

jackson lab
Jackson Lab

BARTRAM & COCHRAN

bio science
Bio-Science

State to create new bio-science enterprise zones in:

  • Hartford
  • Farmington
  • New Britain
  • Plainville
  • Bristol

BARTRAM & COCHRAN

sources
Sources
  • CBRE
  • Colliers
  • CoStar Group
  • Cushman & Wakefield
  • Grubb & Ellis
  • Integra
  • Jones Lang LaSalle
  • RM Bradley
  • Sentry Commercial
  • S/L/A/M Collaborative

BARTRAM & COCHRAN

thank you
Thank You

Maura M. Cochran, CRE, SIOR

BARTRAM & COCHRAN

64 Pratt Street

Hartford, CT 06103

860 549-5000 x 1

mcochran@bartramandcochran.com

BARTRAM & COCHRAN