Good morning everyone! See link below re: a CT industrial market update I was asked to do for Northeast Real Estate Business - Quick snapshot of the local market. Enjoy!
CT's Tight Industrial Market May Limit Growth
Patrick McMahon, Director of Economic Development at the Town of Suffield, has recently accepted the CEO position at CT Main Street Center. Good for CT Main Street Center. Tough news for the Town of Suffield. Patrick is a great example of how important a good economic development officer is for a town. Great representative of its interests and assets. Good luck in your new venture Patrick!
See related article: CT Main Street Names Patrick McMahon New CEO
At a time when Connecticut has had its share of bad news, nice to see some good news coming from one of our major employers. UTC unveiled its Innovation Hub on Friday afternoon. A $60 million dollar investment into 185,000 SF of new and existing office and laboratory space. "Global innovation at UTC begins right here at the Research Center in East Hartford" said David Parekh, corporate vice president of research and UTRC director.
Thank you UTC!
See Hartford Business Journal article: $60M innovation hub debuts
There's been a lot of not-so-good news in our region lately but there seems to be more good too. The cynic (I am one of them) says, over the years, too little good and too much bad. That said, lately, seems to be more good than bad.
Latest good news? Colt Manufacturing is growing again! Good for Colt...good for the region!
See related Patch article: West Hartford Manufacturing Co to Expand
1) 50% believe industrial lease rates will increase in 2017.
2) 82% believe vacancy rates will decrease.
3) 54% predict increasing industrial sale prices.
4) Surprisingly only 30% believe new development will increase.
See attached report, including the latest UCONN scholarship recipients!
SIOR Press Release 02.10.2017 - FINAL.pdf