Comprehensive study analyzes retail real estate
BURLINGTON, MA (today)—KeyPoint Partners, LLC has released The KeyPoint Report for Greater Hartford, CT 2017, 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.
According to the Report, total retail space in Greater Hartford is currently 37.6 million square feet, a nominal increase from last year. The region was unable to reduce vacant square footage during the past year: while some retailers targeted Greater Hartford in their expansion plans in 2017, this growth was offset by a number of store closings and bankruptcies, which resulted in the vacancy rate remaining unchanged at 11.1%.
Key Bank led all retailers in added space by acquiring First Niagara Bank. Included in the 300-branch acquisition were 20 locations in Greater Hartford totaling 72,500 square feet. Jump Off Trampoline Park was second, adding a second Connecticut location in Manchester in a former 34,700 square foot Mill Store unit. Dollar General added three stores and 24,500 square feet. Key Bank is also the leader in added store count with its 20 new locations.
Sears continued its downward spiral, contracting by 242,600 square feet with store closings in Enfield and West Hartford. While the Enfield store remains vacant, West Hartford is under redevelopment and the new project will be called The Corbin Collection, which will include REI, Saks Off 5th, and Buy Buy Baby, among others.
“Probably the best thing that can be said for Greater Hartford is that the retail market held its ground with no significant change in inventory or vacancy,” Sheehan says. “While some retailers expanded in the region, there were enough store closings to put a damper on things.”
“On a more encouraging note, the strength of the West Hartford market was enough to create an attractive redevelopment opportunity in the form of The Corbin Collection,” Sheehan notes. “Also, job growth and low unemployment have provided a relatively healthy economy, with increased spending potential to help weather the storm.”
The KeyPoint Report is based on KeyPoint Partners’ GRIIDÔ, 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 includes 39 cities and towns, representing more than 835 square miles and approximately 562,000 people (42% of the state population).
The complete Report, as well as The KeyPoint Reports for Eastern MA/Greater Boston and Southern New Hampshire, can be accessed here or atKeyPointPartners.com. For more information about KeyPoint Partners’ retail research capabilities and the KeyPoint GRIIDÔ 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 22 million square feet of retail, office, and industrial properties, leasing for retail properties totaling nearly seven 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 38 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 the College of the Holy Cross, 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.