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Market Report

New Haven-Fairfield County Multifamily Market Report

2Q 2022

New and Existing Employers Increase Staff Counts, Keeping Vacancy at Record Tightness

Retail and hospitality innovators support 2022 job gains. As the metro’s economic recovery continues, job growth should be primarily supported by retail sector expansion. In addition to Connecticut’s first Wegmans location set to open in Norwalk, Amazon plans to expand its Amazon Fresh concept to multiple storefronts across the market this year. The opening of the Hotel Marcel, a 165-room net-zero energy initiative in downtown New Haven, should help close remaining hiring gaps in the leisure and hospitality sector. Employees in these labor segments are traditionally prone to rent, suggesting limited vacancy in the Class B and C sectors may continue for the foreseeable future.
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