BURLINGTON, MA—KeyPoint Partners, LLC has released The KeyPoint Report for Southern New Hampshire 2019, Bob Sheehan, Vice President of Research, announced. 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, retail space inventory in Southern New Hampshire included 29.9 million square feet in 2019, a modest gain of 107,800 square feet from a year ago. Vacancy increased 130,600 square feet, equating to a vacancy rate of 9.7% compared to 9.3% last year.
The retailer who expanded by the most square footage was Ocean State Job Lot, which took over the former Toys R Us in Salem. Bed Bath & Beyond followed, filling the remainder of the vacant Hannaford store in Bedford. In terms of retail category expansion, Amusement & Recreation and Health & Fitness Services led the way in added square footage in the region.
“Southern New Hampshire should expect to see more fallout from the impact of e-commerce and the inability of retailers to react to it. Too many retailers are facing high debt issues, and others continue to experience weakening market share,” Sheehan says. “However, other types of tenants are beginning to absorb vacant space. While it will likely be another volatile year, there are undoubtedly some major bright spots.”
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 Report examines changes in supply, vacancy and absorption, retailer activity, and market composition by store size and retail categories during the period from July 2018 to July 2019. The study includes 39 cities and towns, representing more than 835 square miles and approximately 567,600 people (42% of the state population).