A comprehensive examination of the Hartford apartment market suggests that the primary concentrations of competitive apartment space are located in the South Hartford/North Middlesex submarket, amounting to 7,884 units and 18.4% of the metropolitan inventory, followed by North/West Hartford, with a 18.2% share, and East Hartford/Manchester (15.4%). Since the beginning of Q2 2012, the fastest growing area has been the North/West Hartford submarket, adding 2,542 units over that period, or 41.7% of total metropolitan apartment completions.
Distribution / Warehousing
A summary of key real estate supply and demand market indicators reveals that during the first quarter the Hartford warehouse/distribution market experienced negative net absorption, climbing effective rents, and upward movement in the market's vacancy rate. It is important to study each of these critical measures of market equilibrium in more detail and from both a historical and forecast perspective.
Office
A summary of key real estate supply and demand metrics reveals that during the first quarter the Hartford office market experienced negative net absorption, falling effective rents, and upward movement in the market's vacancy rate. It is useful to examine each of these critical measures of market health in more detail and from both a historical and forecast perspective.
Retail
The Hartford retail market is comprised of 14.9 million square feet in five geographic concentrations ranging in size from the 4.2 million square foot West submarket to the Middlesex County submarket, which amounts to 2.4 million square feet. In the ten-year period beginning with Q2 2012, the Central submarket has experienced the greatest introduction of new inventory, 153,000 square feet, amounting to 38.3% of all new competitive stock added to the market.
Market Trends
2022 Population
1,199,710
Since
2022
Population Change
+0.06%
Household Average Income
$177,052.00
Number of Households
492,440
Employment
White/Blue Collar Jobs
33%
Office (2022)
15%
Industrial (2022)
Market Trends
Apartment
Inventory
Units/SF
Q1 2022
Q2 2022
Total
43,079
43,079
Completions
0
0
Conversions*
0
0
2022 Q2 Rent
Asking Change†
1.4%
Effective Change†
1.5%
Inventory: Constrabsorp
Q1 2022:
0 Ratio
Q2 2022:
0 Ratio
Rental Costs/Lease Rates‡
Asking
Q1 2022:
$1,421.67
Q2 2022:
$1,441.01
Effective
Q1 2022:
$1,348.15
Q2 2022:
$1,368.60
Gross Revenue
Q1 2022:
$1,362.40
Q2 2022:
$1,385.72
Absorption/Occupied Stock
Q1 2022:
0%
Q2 2022:
0.3%
Stock Net Absorption (Units)*
Stock
*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡For Apartment properties, rent is a weighted average quoted as monthly rent per unit.
Market Trends
Distribution / Warehousing
Inventory
Units/SF
Q1 2022
Q2 2022
Total
32,105,000
32,105,000
Completions
0
0
Conversions*
0
0
2022 Q2 Rent
Asking Change†
0.2%
Effective Change†
0.4%
Inventory: Constrabsorp
Q1 2022:
0 Ratio
Q2 2022:
0 Ratio
Rental Costs/Lease Rates‡
Asking
Q1 2022:
$5.83
Q2 2022:
$5.84
Effective
Q1 2022:
$5.41
Q2 2022:
$5.43
Gross Revenue
Q1 2022:
$5.27
Q2 2022:
$5.29
Absorption/Occupied Stock
Q1 2022:
0.2%
Q2 2022:
0.2%
Stock Net Absorption (Units)*
Stock
*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡For Retail and Industrial properties, rent is a weighted average quoted as annual NNN rent per square foot.
Market Trends
Office
Inventory
Units/SF
Q1 2022
Q2 2022
Total
24,039,000
24,079,000
Completions
0
40,000
Conversions*
0
0
2022 Q2 Rent
Asking Change†
0.1%
Effective Change†
-1.2%
Inventory: Constrabsorp
Q1 2022:
0 Ratio
Q2 2022:
-0.1 Ratio
Rental Costs/Lease Rates‡
Asking
Q1 2022:
$21.83
Q2 2022:
$21.86
Effective
Q1 2022:
$17.62
Q2 2022:
$17.41
Gross Revenue
Q1 2022:
$17.62
Q2 2022:
$17.00
Absorption/Occupied Stock
Q1 2022:
-1.4%
Q2 2022:
-3.6%
Stock Net Absorption (Units)*
Stock
*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡Office properties are a weighted average quoted as an annual gross rent per square foot.
Market Trends
Retail
Inventory
Units/SF
Q1 2022
Q2 2022
Total
9,121,000
9,121,000
Completions
0
0
Conversions*
0
0
2022 Q2 Rent
Asking Change†
0.1%
Effective Change†
0.1%
Inventory: Constrabsorp
Q1 2022:
0 Ratio
Q2 2022:
0 Ratio
Rental Costs/Lease Rates‡
Asking
Q1 2022:
$19.27
Q2 2022:
$19.28
Effective
Q1 2022:
$16.78
Q2 2022:
$16.79
Gross Revenue
Q1 2022:
$17.26
Q2 2022:
$17.27
Absorption/Occupied Stock
Q1 2022:
0%
Q2 2022:
0%
Stock Net Absorption (Units)*
Stock
*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡For Retail and Industrial properties, rent is a weighted average quoted as annual NNN rent per square foot.