IRR-Hartford Mid-Year Viewpoint 2015 Local Market Report - Retail
The overall greater Hartford retail inventory was comprised of 15 million square feet, a modest increase of 0.2% from a year ago, equating to a gain of 69,800 square feet. The net gain resulted primarily from retail openings in the Front Street District in Downtown Hartford and also three ground-up Dollar General stores coming on-line. Vacant retail space within Greater Hartford stood at 4.1 million square feet, reflecting a vacancy rate of 11.0%. This reflects a decrease in vacancy of 90,800 square feet, shaving 30 basis points from last year’s level of 11.3%, and is the second consecutive year with declining vacancy.
Coupled with a net increase in inventory of 69,800, net absorption was positive for the year at 160,600 square feet. The City of Hartford continues to have the highest vacancy rate in the region at 13.7% but the figure is down considerably from the 16.3% level reported last year. The Northwest and Southeast submarkets lead the region with 11.5 million and 10.2 million square feet, respectively. The Northwest also has the lowest vacancy rate at 8.7%, representing the only submarket in single digits.
The only size classification to show an increase in vacancy rate this year was the 10,000-24,999 square foot range. All others decreased or remained stable. However, the four size components less than 50,000 square feet remain with double digit vacancy rates. These components represent 74% of total inventory but 99% of total vacancy in the region. Small units less than 2,500 square feet, largely comprised of mom and pop retailers, remain the most disconcerting with a vacancy rate of 18.0%. We expect to see the market stabilized over the next 12 months.
Download the full version PDF of this Local Market Report below. It includes graphs and tables.
IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.