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Sales and Leases added to SenComm website

Sentry Commercial has added industrial sales and lease data to its website…for FREE! Go to our Sales & Lease Data section and find detailed sales data as well as leasing activity data for the Connecticut and Western Massachusetts region.

Coming soon…Property Data. Not just Availabilities (that info is already live on the site) but data on industrial properties in the region.

Keep smiling!

Mark

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Industrial Property Data Available to Public

Sentry Commercial continues to be committed to
being THE EXPERT and THE RESOURCE in the industrial real
estate community in Southern New England. As a part of that effort, we are
pleased to announce the release of our new website.
And while the new website LOOKS different, the real news is that it IS
DIFFERENT.

TWO major differences:

1) Properties Section – We now offer to the public ALL
available industrial properties over 10,000 SF (no, not just our
exclusives). Yes, that is FREE access to the public. Much of that access
includes brochures, floor plans and site plans (and if we don’t have it – ask
us for it!).

2) Market News – Not just Sentry Commercial transactions/news but ALL
notable news in the marketplace (in the case of transactions this includes
tenant/buyer, landlord/seller and the broker information (if represented by a
broker).

Take a look and let me know what you think! I look forward to your
comments!!

Keep smiling!

Mark

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Gene Marconi moves to BHH

Berkshire Hathaway HomeServices’ gain is the commercial real estate communities’ loss. News is that Gene, longtime General Counsel for the Connecticut Association of Realtors, has recently accepted a job at BHH. Congratulations Gene! Selfishly, sorry to see you go! You were an invaluable resource for all us commercial practitioners and you will be very tough to replace. Thanks for all of your years of service to our community, all of your advice and for keeping us all informed on the latest and greatest regs that allowed us to practice at the highest standards in the industry!  Good luck at BHH!

Keep smiling!

Mark

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Its Not the Snow

Lower industrial output numbers – It’s because of the snow.

Lower new jobs numbers – It’s because of the snow.

Lower retail sales – It’s because of the snow.

Lower housing sales – It’s because of the snow.

Slower corporate decision making – It’s because of the snow.

There are a lot of reasons why CT’s economy isn’t booming and I can tell you this….IT’S NOT BECAUSE OF THE SNOW!!

Keep smiling!

Mark

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Slower industrial absorption predicted for 2014

Good and bad news here. Yes, industrial absorption will likely be less this year, which is due to the absorption of a lot of pretty good space in late 2013! So the theory is this…Yes, there are more serious tenants and buyers out looking for space in the industrial sector, the reality is that they are going to have a difficult time finding the space they need because most (not all) of the remaining available space has at least some functional obsolescence.

Yes, I am quoted in the article but my comments to the reporter (while accurate) were whittled down. Yes, I agree that there is less competitive space on the market. Yes, I believe there are more real tenants and buyers out there as well. But no, the Amazon (Windsor), FedEx (South Windsor), Dollar Tree (Windsor) etc. developments are not examples of the drying up of product in the market. The reality is this market has ALWAYS had a dearth of high bay, large box alternatives for these type of large users. The reality is the large box warehousers have ALWAYS had to build to suit for their needs. The real news is that we are more and more becoming an attractive location for these type requirements.

See attached Hartford Business Journal article (well done): Choosey tenants slow backfill of empty industrial space

Keep smiling!

Mark

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Hartford study shows 9.9% industrial vacancy

Commercial real estate information provider, CoStar Group, Inc., has recently released its latest Greater Hartford Industrial statistics. The numbers show a 9.9% vacancy rate in the Hartford industrial sector. While a few of the reported transactions (Waterbury and Chicopee) fall well outside of what the region calls “Greater Hartford” the fact remains that the 9.9% rate is a marked improvement over the last 12 months. Positive absorption remains limited but at least it’s positive. And believe it or, we are actually beginning to see product shortages in some areas of the market.

So yes, the market is looking up!

See attached report: CoStar Hartford Industrial

Keep smiling!

Mark

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Property Assessed Clean Energy (PACE)

One of the best kept secrets  in the commercial real estate industry is the Property Assessed Clean Energy program (PACE or C-PACE). What is it? This is a program that is available in 9 states (including Connecticut) with an additional 12 states in the development phase (including the rest of New England (http://pacenow.org/pace-programs/)). The PACE program offers landlord and commercial property owners financing for energy projects including solar, reflective roofing, lighting, window and HVAC upgrades. Borrowers pay the loan back via special assessments on their property taxes. It’s a great way to upgrade your property!
For more information see below:

Connecticut C-PACE

PACE Program Info

Keep smiling!

Mark

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Manufacturers Ignoring Washington…thankfully!

Just the mention of the word “Washington” sends shivers down all of our spines. How can one city polarize so many people and cause so much angst in our lives? Well, apparently the good news is that US manufacturers aren’t paying all that much attention to Washington and they are going about their business. We are seeing it on the streets and we are seeing it in recent indexes.

The Institute of Supply Management just came out with its September number that indexes US Factory expansion and it is up from August. The 56.4 result suggests that the expansion will continue into the foreseeable future. Couple this with recent reports from numerous economists predicting an extended industrial expansion starting sometime in 2014 (they argue exactly when it’ll start in 2014) and things are looking up!

Pitfalls? The job numbers are tepid, at best. Manufacturers have added only 15,000 jobs since July. Yes, the jobless expansion!

See attached Wall Street Journal article: US Factory Expansion

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Amazon and Windsor speaking again.

Just in case you didn’t think they were speaking any longer…they are! Yes, Amazon is reportedly STILL under contract and still speaking with the Town of Windsor about plans to develop a new 1.5 million square foot distribution center just off of Day Hill Road. Apparently “rumors of Amazon not being interested in the town have been greatly exaggerated”.

See attached Hartford Courant article: Amazon and Windsor Back in Talks

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CERC Sitefinder Event

I had the opportunity to attend the Connecticut Economic Resource Center’s Showcase event yesterday. It was held at the Northeast Utilities Berlin CT headquarters. A nice event attended by approximately 100 people in the real estate industry. The panelists for the event were Daniel Esty, Commissioner of DEEP, Catherine Smith, Commissioner of DECD and Jim Redeker, Commissioner of DOT. All three Commissioners gave a well thought, detailed account of what they are doing and the progress being made here in CT. And yes, there is progress being made here in CT! The question is…is it enough?

While it is clear that all three Commissioners are hard at work and indeed making progress, it is also clear that their efforts need to show increasing results in the coming years. No, the coming months. CT is getting impatient. Yes we’re growing…but very, very slowly. A recent report shows that CT not only lags behind the rest of the country in job creation, unemployment and economic growth, but it also lags behind its own New England states (see attached report below)…not a good thing.

So, while a lot of ground work has been done through the efforts of our Commissioners and their staffs, the fact remains (paraphrasing James Carville) “it’s the economy stupid”. And if we don’t start seeing more results on the street, I am afraid the efforts might be for naught.

Hartford Business Journal: CT Lags, but not the worst

Keep smiling!

Mark

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Warehouse Markets Improve

Upbeat report from CoStar this past week. Coming off a strong finish in 2012, warehouse markets throughout the country have continued to improve at the beginning of 2013. 43 of the 54 markets in the US posted positive absorption. Even the weaker markets only had a combined 3.4 million sf of negative absorption.

Vacancy rates are down, rents are up and new construction is up. All good signs for a reasonably robust 2013!

See attached CoStar Group report: Warehouse Demand Strong

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Gun Law Fallout

Whether you’re for or against the new gun control laws in the State of CT it is clear there will be financial fallout. Bristol CT based PTR Industries has just announced plans to relocate its operations elsewhere. Where is elsewhere? Well, they don’t know. They’re just saying anywhere but CT. That means 50 employees leaving the state (at a time when the state can’t afford the loss of 50 jobs).

Don’t believe for one minute this is the first fallout over the new laws…or the last. We know of at least two other manufacturers that haven’t expanded operations in CT in the last couple of months due to the uneasy political climate in CT. In fact, these companies are now thinking of reducing operations instead.

See attached Hartford Courant article: PTR Exiting CT

Keep smiling!

Mark

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If you’re not moving forward you’re moving backwards.

It’s a pretty old saying but it’s true. Status quo is not a good thing and unfortunately our industrial markets are just that…stuck in cruise control! Why? The market needs to grow and they’re not growing! Yes, companies are moving and expanding here and there. Even better, there are numerous examples of companies expanding their existing facilities here in Connecticut.

But when it comes to real expansion, unfortunately we continue to struggle to convince out of state manufacturers to relocate or expand to our region. So while we continue to see internal growth we also continue to lose at the game of external growth. That means more of the same for the foreseeable future.

But again, if you’re not moving forward, you’re moving backwards.

Keep smiling!

Mark

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Who says the condo market is soft?

OK, something a little off-beat today. Catching up on my Wall Street Journals and I saw this article on the Miami condo market. Specifically a loan made in the market for new construction (yes, new construction!). Not only new construction but new high rise condo spec construction! And the units being built? Prices start at $7.75 million!

So much for the recession!

Miami Condo Loan Marks Milestone

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Mark

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SIOR CT releases Q3 and Q4 2012 Survey

The Connecticut Chapter of the Society of Industrial and Office Realtors (SIOR) recently released its Q3 & Q4 2012 market survey. Overall the survey shows a slight positive outlook for 2013 although most members believe the positive year will not result in significant changes in lease rates, pricing or new construction. OF NOTE…an impressive list of transactions completed in the last half of 2012 by SIOR CT members.

Take a look and let me know if you have any questions.

Market Survey: CT/Western MA Chapter Market Survey

Keep Smiling!

Mark

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Peter

Yesterday hundreds of Peter Gutterman’s family, friends, colleagues and business associates participated in the services and Shiva for Peter. Yesterday was a difficult day for all but it was also a wonderful confirmation of what we already knew. Peter was loved by many, many people. The speeches at the services and the many conversations that occurred at and after the services also confirmed what we already knew…in a world that is increasingly difficult to navigate, Peter remained true to his core values…he was a beautiful, giving, strong and unbelievably nice man.

And while we will always have a hole in our hearts and lives because of the loss of Peter, one thing I think we all need to take away from the day is what the Rabi said at the end of the day (and I’m paraphrasing)…we should all spend more time focused on how to live our lives than we do worrying about how our lives will end. Peter did that.  And in doing so, he left all of us so much better for it. Yes, Peter’s legacy will live…because it lives in each and every one of us that he touched.

I’ll miss you Pete…but thank you so much for everything you have given me. We’ll all miss you Pete, but thank you so much for what you have given all of us.

Yes, nice guys do finish first.

Mark

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In memory of Peter Gutterman.

In late May last year my partner and friend Peter Gutterman learned he had pancreatic cancer. The news was devastating, to Peter and to everyone who knew Peter. Unfortunately many of us learned this morning that Peter passed away after his seven month battle with the horrible disease. Peter leaves behind his wife Roz, daughter Nancy, son Andrew, his daughter in-law and his grandchildren. Peter also leaves behind a ton of people who loved him.

I find it very easy to write (and comment) on just about any news and subject. But, not surprisingly, it is very difficult to come up with the right words for Pete and the effect that he has had on all of us.

Selling mortgages straight out of college in 1983 one of the first sales calls I ever made was at Sentry Real Estate in East Hartford CT. It was a bustling, successful office. But beyond the obvious success, what I was most impressed with was just how nice all of the people were in the office. I quickly learned why. At the top of the stairs was the leader of the company, Peter Gutterman. A man with a smile and a warmth that made me immediately feel comfortable. Peter was already a legend by then but he had time and interest to talk and lend a helping hand to anyone…even me. The people in his company (all six of his offices) were simply a reflection of Peter’s values.

8 years later Peter and I became partners in Sentry Commercial. And while I learned a ton more about Peter and the secret of Peter’s success, the one thing I learned most was that Peter’s success wasn’t as much as what Peter did but more so in who Peter was. What was Peter’s secret? Peter was loved by everyone…because Peter loved everyone. Peter had time for everyone. Peter was interested in everyone. Peter was interested in you.

What is Peter’s legacy? His real estate companies? His real estate school? No, Peter’s legacy, beyond his family and friends, to me, is this. In a world that values efficiencies, productivity and technology, Peter never changed what he valued most…people and his relationships with people. Whether you were a conservative or liberal…a competitor or an employee…Peter had a kind word for you and Peter had time for you. He had time to lend you a helping hand. Time to give you advice. He had a smile, a handshake and a hug. Peter had time. No, Peter took the time.

I will miss you Pete. We will all miss you Pete. It was a great run. Nonetheless, a run that ended far too soon.

Mark

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Positive Absorption in Greater Hartford

CoStar recently released its Q2 2012 industrial market results for Greater Hartford CT. Good news! Positive absorption (that means more space came OFF the market than went ON the market)! 1 million square feet of positive absorption! While I think one can challenge the actual number, no one can challenge the claim of positive absorption. More good news for a market that started to rebound a bit earlier this year.

See attached CoStar article: Positive Absorption Q2 2012

Keep smiling and Happy Thanksgiving!

Mark

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Raise the Roof!

Not something that is done every day but in certain cases it might make sense. That is…raising the roof of your industrial building. If your building is well located but has low ceiling height think about the possibility of doing a “roof raise”. Cost runs from $15 psf to $30 psf but the total cost might pale in comparison to the increased value of the asset.

Attached is an article in the Commercial Record in which I was interviewed. Take a look. If you have further interest, call me and I can give you numbers to call.

Raise the Roof – Commercial Record Article

Keep smiling! (and Happy Thanksgiving!)

Mark

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Say it isn’t so…New England rated as inexpensive.

OK, maybe not inexpensive as compared to all of the country…but this report by Deloitte shows us that lower Pioneer Valley MA and southeastern CT are more competitive regions than many parts of southern US! These areas might even be a better alternative for those Boston MA based companies looking for less expensive alternatives.

See attached Deloitte report: New England Can Be Inexpensive

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