BURLINGTON, MA—KeyPoint Partners, LLC has released The KeyPoint Report for Southern New Hampshire 2017. 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 real estate inventory in the region was 29.8 million square feet, a modest decline of 59,400 square feet, or 0.2%. The vacancy rate was 9.1%, an improvement from 10.5% in 2016. Mattress Firm was the retailer adding the most new space in the region, by way of its acquisition of Sleepy’s. Amusement & Recreation Facilities and Hobby, Toy & Game stores led all retail categories in added square footage, with Health & Fitness leading in expansion by number of new locations. The Family Apparel category closed the most square footage in the region, contracting by 53,800 square feet.
“Given the current backdrop of the retail industry and innuendos of a retail apocalypse, things weren’t so bad in Southern New Hampshire in 2017. In fact, they were pretty good,” said Bob Sheehan, Vice President of Research at KeyPoint Partners. “Big box vacancies found users after sitting idle for as long as six years. In the 40,000+ square foot category, prospects are few and far between. But the stars aligned, and new tenants absorbed, at least partially, a Walmart box, Shaw’s, Market Basket, Lowe’s, Hannaford, and Sports Authority”, Sheehan notes. “New players entering the region via these vacant units include Chunky’s, Ocean State Job Lot, Cardi’s Furniture, NH1 Motorplex Indoor Karting, Cowabunga’s, Hobby Lobby, Boston Interiors, Party City, Petco, and Guitar Center. Together these tenants reduced vacant space in the region by 346,600 square feet – a remarkable feat in one year.”
“It should be no surprise that the vacancy rate in Southern New Hampshire, after jumping up nearly a full point last year, came all the way back down to 9.1%, the lowest since 2008, when the figure stood at 7.4%,” Sheehan added.
The KeyPoint Report is based on KeyPoint Partners’ GRIID, 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 KeyPoint Report for Greater Hartford, Connecticut will follow shortly.