At Sentry Commercial, we are excited to share our comprehensive Mid-Year 2024 Market Report, packed with crucial insights and analysis to help you navigate the dynamic landscape of commercial real estate.
Key Highlights:
Industrial Sector:
- Greater Hartford: Industrial vacancies decreased to 4.6%, with rental rates up 4.0% year-over-year.
- Greater New Haven: Cumulative rent increased by 22.3% over the past three years, despite a slight uptick in vacancies.
- South East/I-395 Corridor: Vacancy rate at 3.8%, with stable rental growth and competitive rates.
- Springfield, MA: Stable vacancies at 5.3%, with a focus on logistics space driving market dynamics.
Office Sector:
- Greater Hartford: Facing a 10.3% vacancy rate with competitive rental rates at approximately $20.00/SF. Limited new construction reflects a cautious market approach.
Construction Trends:
- Growth Drivers: Advancements in material technology, energy efficiency, and resiliency.
- Key Sectors: Roofing, plumbing, HVAC, insulation, and windows & doors, all showing significant market sizes and trends.
Property Management:
- Efficiency Focus: Economic shifts, technological advancements, and evolving tenant expectations.
- Strategies: Energy efficiency improvements, preventative maintenance, and leveraging technology for streamlined operations.
Thought Leadership:
- New EPA Rules on PFAS: Significant implications for property owners and buyers, with expanded environmental investigations.
- Connecticut Transfer Act: Transition to a release-based remediation program, simplifying processes and encouraging redevelopment.
- ESG Compliance: Emphasizing environmental responsibility, social impact, and governance practices for long-term success.
- Rising Operating Expenses: Managing costs through energy efficiency, preventative maintenance, and strategic planning.
Why Read This Report?
Our Mid-Year 2024 Market Report is essential for real estate professionals, investors, and stakeholders looking to stay informed and make strategic decisions. With detailed analysis and forward-looking forecasts, this report provides the knowledge you need to thrive in the commercial real estate market.
