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New Haven County Overview

New Haven County Overview. by Richard Michaud, MAI Michaud Company, Inc. 431 Orange Street, New Haven www.michaudcompany.com 203-789-1355. Population Centers New Haven County. Overall Direction of Markets New Haven County. Industrial Office Apartment Retail Single Family

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New Haven County Overview

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  1. New Haven County Overview by Richard Michaud, MAI Michaud Company, Inc. 431 Orange Street, New Haven www.michaudcompany.com 203-789-1355

  2. Population CentersNew Haven County

  3. Overall Direction of MarketsNew Haven County • Industrial • Office • Apartment • Retail • Single Family • Down 10% is the new flat

  4. Market ActivitiesNew Haven County • Leasing • Sales • Financing • Development

  5. Office MarketNew Haven County • 2008 vacancy rate 15% • 2007 vacancy rate 17% • Downtown New Haven vacancy rate 10% • Suburbs vacancy rate 18% • 50% of County inventory in New Haven • Threats to employment and vacancy rates • New construction: medical and university only • Rents stable, but pressured: A $24, B $18, C $16

  6. Industrial MarketNew Haven County • 2008 vacancy rate 13% • 2007 vacancy rate 15% • Whse & flex 10%, mfg vacancy rate 20% • Meriden/Wallingford/North Haven has 55% of inventory and 12% vacancy rate • Waterbury area has 11% of inventory and 30% vacancy rate • Rents stable: flex $6.75, whse $5.25, mfg $4.50

  7. Apartment MarketNew Haven County • Occupancies & rents steady • Real estate taxes rising (Waterbury) • Older properties & high fuel costs • Out of state buyers, high prices, easy credit • 68% of total inventory in 4 towns • New Haven 22% • Waterbury 21% • West Haven 13% • Hamden 12%

  8. Retail MarketNew Haven County • 2008 vacancy up from 2007 • Retail sales down – housing market related • Vacancies expected after holiday season • Major retail markets • Orange/Milford: Route 1 & CT Post Mall • North Haven/Wallingford/Meriden: Route 5 & Meriden Mall • Waterbury: Lakewood Road & Brass Mill Commons • Hamden: Route 10 • Clinton Crossing & Westbrook Outlets

  9. City Of New Haven • 500,000sf Cancer Center under construction • 55 Park Street under construction (cancer center) • Howe Street Lot E (cancer center parking + mixed use) • 25 Science Park leased by Yale & more plans • Several proposed developments, most still planning • 360 State Street-Shartenberg Lot • 196 College Street • Long Wharf Food Terminal & Ikea • Gateway Community College • Former Coliseum site & Long Wharf Theater

  10. Thank You Richard Michaud, MAI Michaud Company, Inc. 431 Orange Street, New Haven Website: www.michaudcompany.com 203-789-1355 Or my email : michaud@michaudcompany.com

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