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Wrapping up 2013 with End of the Year Real Estate Notes, New Year Prognostications to follow...

Commercial Real Estate Markets are Heating Up Nationally. There are several driving factors:

**Before We Talk New Haven Commercial Real Estate, make a couple stops outside Connecticut Real Estate.***

*The Washington D.C. Real Estate Market is dominated by Multi-Family Apartment Investment and Construction. You can See Cranes all over Tysons. They're fueled by Federal Government Hiring in huge numbers, which will likely continue through 2014. The growing Government is also fueling office space demand and Absorption of Vacant Space in The D.C. area.

*Energy is driving the Economies of Texas, and Farther West to South Dakota where "Fracking" (Hydraulic Fracturing for National Gas) has created cities.

*Industrial Vacancy is Shrinking. Driven By Logistics Needs. The CCIM Institute reports Highest Absorbtion (Lowest Vacancy) since 2007.
Logistics Demand is driven by Distribution of Products from Central Points. Ie: Filling On-Line Sales Orders and not just by Amazon and Zappos.

New Haven Commercial Real Estate Markets are heating up too throughout the county.
*While none of the aforementioned Good Omens are feeding our Leasing and Sales Markets,
Activity is rising in the Connecticut Commercial Real Estate Sector.

Residential Sales heated up throughout Connecticut in the second and third quarters with rising prices, if not rising sales volume (number of homes sold). But, home sales have been leveling since October.

Connecticut's Economic Indicators are not pointing skyward, the state is still losing population and we rank in the bottom of job creation, public transportation and infrastructure for logistics practices. The CT aerospace sector remains strong which is feeding the businesses which support it as do the biotech markets spurred on by Yale's incubators and Jackson Labs. The state is attempting to foster more technology based businesses through grants, but the main feeder for leasing and sales to business in Connecticut, is the quality of life that Connecticut affords and local entrepreneurs making the commitment to thrive.

What Will Happen in 2014?

The Commercial Real Estate Industry will finally experience disruptive changes that are challenging and exciting in other Markets. The Internet of Everything will not only change your refrigerator at home but your leasing, building operations and employee practices which will change The Real Estate Industry. Big Data will change brokerage in ways the old guard has yet to imagine. Increased transparency in all Information, not just Target Shoppers Credit Card Info will mean that lease prices and terms building to building will become more available to tenants and that's only the beginning. More on that next time.

Enjoy the Holidays, Take a Deep Breath and remember that the guiding principles of this season should be about love, peace, human connection, and potential in the coming months.

December 20, 2013

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