Report analyzes retail occupancy, changing tenancy, restaurant trends
BURLINGTON, MA (today)—KeyPoint Partners, LLC has released The KeyPoint Report for Southern New Hampshire 2015, Bob Sheehan, Vice President of Research, announced today. This comprehensive retail real estate Report examines supply, occupancy, absorption, and retailer expansion and contraction for virtually every retail property in the region. This year’s Report features a special ten-year historical perspective on the changing restaurant landscape from 2005 to the present.
“Even with only a negligible gain in retail inventory, it was still a notable year for Southern New Hampshire as the region reduced its unoccupied space by well over 200,000 square feet, equating to a drop in the vacancy rate to 9.6%”, Sheehan says. “Since 2009, the only year in which the region experienced a lower rate was 2011, when it touched 9.5%.”
According to the Report, total retail space for the region was 29.9 million square feet. Occupancy was up just slightly, which brought the vacancy rate down to 9.6% from 10.4% a year ago. O’Reilly Auto Parts led retailers in both new square footage added in the region, adding 88,700 square feet, and in new store count, by acquiring the VIP Parts, Tires, and Service stores. Other retailers high in the expansion ranks include Ocean State Job Lot, Goodwill, Aroma Joe’s Coffee, and Eastern Bank.
“In last year’s report we cited our cautious optimism, suggesting that the negative absorption felt in the region may be an anomaly resulting largely from Stop & Shop’s departure from New Hampshire” Sheehan says. “It appears that the improved retail health this year supports that conclusion.”
The special section of the Report tracks restaurant expansion and contraction, with a look at restaurant locations per capita, among prominent chains in the region since 2005.
The Report is based on KeyPoint Partners’ GRIIDTM, a powerful source of retail market knowledge that maintains detailed information on virtually every retail property in key New England markets. The Southern New Hampshire Report includes 39 cities and towns, representing more than 835 square miles and approximately 554,200 people (42% of the state population).
The KeyPoint Report for Greater Hartford, Connecticut will follow shortly. For more information about KeyPoint Partners’ retail research capabilities and the KeyPoint GRIIDTM contact Bob Sheehan, Vice President of Research, at BSheehan@KeyPointPartners.com or at 781.418.6248.
Headquartered in Burlington, MA, KeyPoint Partners is the region's premier commercial real estate service firm, providing property & asset management services for more than 23 million square feet of retail, office, and industrial properties, leasing for retail properties totaling nearly six million square feet, and tenant representation services for local, regional, and national retailers. The firm provides a wide range of services to retailers, property owners, and financial institutions including retail brokerage, investment sales, property & asset management, construction, custom market research, and financing/consulting services.
Bob Sheehan, VP of Research:
Mr. Sheehan has over 37 years of experience providing retail and market analysis to clients nationwide. Prior to establishing his own consulting practice, mainstreetResearch, in 2001, Mr. Sheehan spent thirteen years as Director of Market Research for The Richard E. Jacobs Group. Mr. Sheehan directed all research activities including market feasibility and site evaluation, redevelopment and expansion analysis, economic impact studies, competitive assessment, and related market intelligence for the company's portfolio of thirty-nine shopping centers in fourteen states. Mr. Sheehan has also worked as Manager of Location Research for Bradlees Department Stores, and as a Senior Analyst for Federated Department Stores. Mr. Sheehan has a B.A. in Economics from Holy Cross College, and an MBA in Marketing from the University of Miami. He is a member of the ICSC and a longstanding member of the ICSC Research Advisory Task Force.