2015 Greater Hartford, CT Retail Report
We have released The KeyPoint Report for Greater Hartford Connecticut 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 region’s restaurants from 2005 to the present.
“Greater Hartford showed considerable improvement this year by absorbing much of the vacant space that has been saddling the local retail environment for years. The occupancy rate in the region is now at its highest level since 2008, the year it last experienced a single-digit vacancy rate,” Sheehan said. “It’s the fourth consecutive year of increasing occupancy. 2015 was a relatively productive year for the region’s retail environment.”
According to the Report, total retail space for the region was 37.2 million square feet, a small increase of only 17,000 square feet from last year. West Hartford finished on top among the healthiest retail communities, with a vacancy rate of 3.3%. Among expanding retailers, family-owned clothing retailer Fallas acquired Conway Stores last year and now operates the 39,280-square foot former CW Price store in Wethersfield; this one unit represents the most retail space added to the region by any retailer.
The Report includes a brief look at expansion and contraction among major restaurant chains within Greater Hartford from 2005 through 2015.
The KeyPoint Reports are 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 Greater Hartford Report includes 26 cities and towns, representing more than 835 square miles and approximately 819,700 people, or nearly 23% of the state population.
The complete KeyPoint Report can be accessed here. The KeyPoint Reports for Eastern Massachusetts/Greater Boston and Southern New Hampshire were released earlier this year. 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.