Marcus & Millichap

New Haven Office Investment Forecast

New Haven, 2017 Outlook

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Promising Potential in New Haven-Fairfield County Spurs Greater Institutional Interest

Company expansions, limited construction spur greater office space demand among existing assets. Steady job gains and a varied mix of demand drivers will support another year of growth in the New Haven-Fairfield office sector. The growing pool of available talent bodes well for local companies, providing the area’s tech, healthcare, financial services and education fields with cause to expand their footprints as they bring on new hires. Leasing activity last year was robust, led by tenants’ strong preference for Class A space. Availability of premium space will shrink this year, though, as development is heavily restrained. The largest delivery of the year is a creative space in New Haven, a facility intended for the growing startup scene in the region. Pre-leasing has been robust at this property and other buildings slated for completion in 2017, increasing competition for existing space across the region. Asking rents will climb at a healthy clip as a result, maintaining an upward trajectory that began in 2015.

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