Friday, June 17, 2011

June Commentary: Southern New Hampshire Report Preview


The KeyPoint Report on retail real estate in Southern New Hampshire will be available soon at KeyPointPartners.com. Here are just a few highlights from this year’s report:

Market Overview
At the end of the study period, the Southern New Hampshire retail market consisted of 2,100 retail properties totaling 28,863,400 square feet, an increase of 1.3% over the previous year’s total of 28,497,400 square feet.

Vacancy
The vacancy rate in the region dropped dramatically over the study period to 9.5%, down from 11.4% last year, a decrease in vacancy of 16.4%.

City and Town Rankings
Unsurprisingly, Nashua, Manchester, and Salem ranked highest in total retail square footage this year. Nashua had 6,264,100, Manchester totaled 5,239,000, and Salem had 3,993,400. Bedford, Seabrook, and Plaistow followed, with Londonderry, Merrimack, Derry, and Hudson rounding out the top ten.

Bedford ranked number one by lowest vacancy rate at 3.1% (up from #6 last year), and Merrimack once again had the highest vacancy rate at 18.3%.

Retailer Expansion and Contraction
Lowe’s was the leader in expansion by square footage, adding 155,249 square feet for a regional total of 923,014 square feet, followed by Market Basket, which added 91,000 square feet for a total of 677,700 square feet, and Planet Fitness, which added 43,100 for a new total of 138,100. By store count, the leader was People’s United Bank, which added 14 units via acquisition of Ocean Bank.

In terms of contraction by square footage, Sears Essentials and Burlington Coat Factory led the list, contracting by 115,400 square feet and 72,200 square feet respectively. Ocean Bank, Blockbuster Video, Borders Books, and A.J. Wright followed - few surprises here either, considering the bankruptcies of Blockbuster and Borders and TJX’s closing and/or conversion of A.J.Wright units. Ocean Bank’s contraction was of course due to the above-mentioned acquisition. Looking at contraction by store unit, Ocean Bank, Blockbuster, and Curves For Women headed the list. In terms of expansion by square footage by retailer category, Grocery, Amusement & Recreation, and Building Materials headed the list.

Below is a table of 2011 summary findings for the Southern New Hamshire study area:


The complete Southern New Hampshire Report will be released within the month, and posted on KeyPointPartners.com, following the 2011 KeyPoint Reports for Eastern Massachusetts/Greater Boston, and followed soon by the report for Greater Hartford, CT.

Bob Sheehan, Vice President of Research
BSheehan@KeyPointPartners.com

The KeyPoint Report examining the retail real estate marketplace for Southern New Hampshire focuses on the 14-month period beginning March 1, 2010 and ending April 30, 2011. The report examines supply, vacancy and absorption, retailer activity, and market composition by store size and retail categories. The studied market includes 39 cities and towns representing more than 835 square miles and approximately 561,000 residents (44% of the state population).

KeyPoint Partners'  GRIID™ is a powerful research tool that nobody else has - because we built it. GRIID™ means  “Geographic Research & Integrated Information Database”.  GRIID™ maintains detailed information on virtually all retail properties in Eastern Massachusetts/Greater Boston, Southern New Hampshire, and Greater Hartford, CT. These markets contain 44% of all retail space in New England. GRIID™ tracks more than 252 million square feet of retail space and approximately 61,000 storefronts.

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