According to new report for Portsmouth, New Hampshire’s commercial real estate market fared better than other city in the state and within the New England region. According to the report, release by CB Richard Ellis for New England, the overall outlook for the entire commercial real estate market has improved, as annual vacancy rate for the office market in the area dropped to 18.3 percent in 2010 from 20.3 percent in 2009.
Other U.S states like Connecticut also showed significant improvements in it commercial real estate market. According to the 2nd quarterly survey made by DataCore Partners LLC, Connecticut Business & Industry Association, and Connecticut Economic Resource Center, the commercial real estate in the state shows definite signs of improvements.
Sectors included within the commercial real estate market in Portsmouth, according to CB Richard Ellis report includes the industrial and office industry in the city.
The Vice-president of CB Richard Ellis, Kent White said the Seacoast region or the southeast area of New Hampshire is doing a lot better than most markets, as the majority of business companies in the area survived the economic decline.
During the fall of 2008 until spring time 2010, no demand for the office and industrial sectors in the commercial real estate market was recoded. But, an increase in demand was seen starting in summer of 2010.
The report also stated that Portsmouth and Pease International Tradeport are the two most popular cities in Seacoasts.
About 90 percent occupancy is recorded at Pease International, said a principal form a real estate firm, Two International Group. Recent leasing transaction done in Pease is from Kiefel, a German-owned technology manufacturing company.
According to Michael Kane, CEO at The Kane Co. said, the lively activities in the Seacoast’s commercial real estate market mirrors the area’s stable economic recovery.