August 30, 2019
REAL ESTATE ROUNDUP
SIOR survey: Steady as she goes
PHOTO | New Haven Biz
According to the most recent NHMR survey of commercial Realtors, market activity remains roughly unchanged since the end of 2018.
The Connecticut/Western Massachusetts Chapter of the Society of Industrial & Office Realtors (SIOR) released its members survey of commercial real-estate conditions for the first half of 2019.
Sixty percent of responding members reported no change in overall commercial market conditions over the previous half-year period (July-Dec. 2018), while 33 percent cited improving conditions and 7 percent said the market had declined.
For the second half of 2019, more than half (53 percent) of responding SIOR members foresee no measurable change in market conditions. Another 40 percent expect prospects to improve, and 7 percent anticipate a decline.
In general, the industrial market exhibited greater strength than the office market during the Jan.-June period, according to survey respondents.
Vacancy-rate predictions for the balance of 2019 likewise favor the industrial market over its office counterpart. However, overall predictions favor a slowing of activity in the sector, with 57 percent expecting industrial activity to slacken, while 43 percent anticipate no change.
Predictions for office vacancy rates were less optimistic, with nearly a third (31 percent) of respondents predicting an increase in office vacancy rates, while 23 percent think the market will tighten, and 46 percent foresee little to no change.
TRANSACTIONS
110 Commerce St., East Haven
BHD CT Realty LLC has purchased a 40,000-square-foot building on 6.0 acres at 110 Commerce St., East Haven, for $1.8 million. The property was most recently the headquarters of Tek-Motive Inc., a business run by the Moalli family, which shut down the company. Richard Lombardo of Pearce Commercial’s Milford office represented the seller, company president Thomas E. Moalli. David Richards of Colliers International was the agent for the BHD CT Realty, which purchased the building as an investment.
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2730 Boston Post Rd., Guilford
New Haven-Middlesex Realtors has relocated its offices from North Haven to new space at 2730 Boston Post Rd., Guilford. The new facility features expanded classroom and conference space. Information on future NHMR events and classes is available here.
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