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News: Front Section
Posted: November 20, 2015
Western Mass. Review 4th Quarter 2015 - by William Low
William Low, NAI PlotkinThe Western Mass. region continued its slow climb back from 2008-2010 economic maelstrom with total industrial vacancy down 3% to just under 9% over 2014. Lease rates have been improving in Hampden County but remain flat in Hampshire County. The office market has also improved, although some stats are skewed due to MGM’s acquisition of several class B office buildings in downtown Springfield. These tenants filled other vacancies but generally there’s been few new companies entering the market. Having said that, there has been allot of tire kicking so things look good going forward. The overall vacancy rate for the region has dropped to under 9%, a 2.5% improvement.
There has been very little new construction in 2015 so it will be interesting if we see increased demand in all market segments. That could be good for landlords looking to increase rents and problematic for tenants.
The MGM casino has now downsized their facility a bit after being delayed a year for opening. There’s still much debate about what the casino’s impact will be on the business environment. We’ve yet to see how bad traffic will be. There is still much public development underway; the $70 million train station renovation is progressing nicely and there generally seems to be an improvement in the mood of most people you talk to. After all, that’s where progress starts right?
William Low Jr is senior vice president, NAI Plotkin, Springfield, Mass.
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