Printed: 1/30/2021 7:59:20 PM
On the subject of industrial actual property in New Hampshire, the outlook for various sectors is combined, with the commercial market nonetheless wanting sturdy, however demand for workplace house unsettled.
That’s the decision from Colliers Worldwide, which has launched its This autumn Market Perception report.
The report factors out that, firstly of 2020, occupancy charges in New Hampshire’s workplace and industrial markets had been sturdy – above 92%. After a yr of the pandemic, the occupancy charges stay 90% – a “barely reassuring determine,” in accordance with the report – however there are nonetheless huge questions remaining about what the lingering results of the COVID-19 pandemic shall be on industrial actual property.
In line with the report, as New Hampshire strikes farther from the preliminary pandemic-related shutdown, it’s nonetheless unclear the route the workplace market will take as many firms wait to make choices on their future workplace plans and desires as work-from-home edges nearer to changing into a everlasting fixture for employers and staff.
Because it stood on the finish of the yr, occupancy charges for workplace house fell to 90.5% from 91.7% a yr earlier.
However, in accordance with Colliers’ New Hampshire Office Market Insight report, though the drop within the occupancy charge will not be as important as anticipated, “extra space is more likely to hit the market in 2021.”
And, regardless of the falling occupancy charge, rents rose by 28 cents per square-foot – up 1.5% — ending the yr at $19.01. A lot of the rise is because of new, higher-end house hitting the market, in accordance with the report.
Within the industrial market, issues look just a little higher, in accordance with the New Hampshire Industrial Market Insight report.
The market remained sturdy, ending the yr with an occupancy charge of 95.6% after rising over the fourth quarter. And general rents completed at $7.05 per square-foot, a 51-cent rise year-over-year.
The report notes that, amid the favorable marketplace for homeowners, some build-to-suit tasks had been introduced in the course of the quarter, which factors to an uptick in industrial building subsequent yr. This consists of the Hudson Logistics Heart that’s being constructed on the website of the Inexperienced Meadow Golf Membership in Hudson, and the Granite Woods Commerce Heart mission that’s looking for approvals in Hooksett.
As well as, The Flatley Firm broke floor on its Nashua Micro-Tech Heart, which is able to embody three one-story buildings totaling 38,000 sq. ft that’s seeking to entice life science and biotech firms.
In line with the report, “the commercial market occupancy charge will stay excessive in 2021 and as new tasks are being proposed, house may very well be occupied shortly.”
These articles are being shared by companions in The Granite State Information Collaborative. For extra info go to collaborativenh.org.