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Dale Kroop, Director
Economic Development and Neighborhood Revitalization
2750 Dixwell Ave.
Hamden, CT, 06518
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Hamden Real Estate Review

8/22/2016

Hamden Real Estate Review

Hamden Continues to Hold the Lowest Industrial Vacancy Rate in Region

The industrial vacancy rate for Hamden’s 90 industrial buildings is 8.1%, the lowest vacancy rate for comparable communities in the New Haven North region. As the industrial vacancy rate for the entire New Haven Region is 11.8%, Hamden’s industrial vacancy rate of 8.1% rests comfortably below average. “Although we are pleased to have a low vacancy rate, it challenges us to seek new opportunities,” stated Dale Kroop, Hamden’s long time Director of Economic and Community Development.

Hamden’s low industrial vacancy rate is based on its net absorption of 39,151 square feet of industrial space between 1/1/16-12/31/16.  

Hamden’s average asking rent for industrial space is $7.34 per square foot. Hamden’s industrial vacancy rate of 8.1% despite the higher than average asking rent demonstrating that Hamden is a place where industrial businesses want to locate. Many companies have taken advantage of the Hamden Business Incentive Program, which offers tax abatements, grants and waivers of building permit fees for business expansions or relocations.

Hamden’s Office Vacancy Rate Lower than Regional Average

Hamden’s office vacancy rate for its 24 buildings is 13.1%, which is below the vacancy rate for the entire New Haven Region of 16.1%. Hamden’s office vacancy rate is significantly lower than those of many competing communities. For example, Cheshire’s office vacancy rate is 23.8% and Milford’s is 30.3%

Hamden possesses a year to date net absorption of 43,516 square feet of office space from January 1, 2016 and December 31, 2016. More than half of Towns in the New Haven region also possess a negative net absorption rate for office space.

Considering Hamden’s net absorption rate, the average asking rent per square foot of office space in Hamden is $14.77, which is below the $19.14 average asking rent for the entire New Haven Region. The low rents make Hamden’s office vacancy rate likely to improve and makes Hamden a desirable place for businesses to rent an office.

For further information on the Hamden Business Incentive Program, contact

Dale Kroop: Director @ 203-287-7030 or visit us on the web at www.hamden-ct.com .


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Hamden High School Entrepreneuer Program
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9/20/2016
Hamden Business Incubator Continues Progress
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