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NH Year-Over-Year Industrial Vacancy Rate Falls 2%, Office Vacancy Rises 2%
The New Hampshire industrial and office markets ended the year in opposite directions, with industrial falling and office rising by about 2% in 2021 compared to 2020 according to Colliers.
The industrial market continued to tighten as its vacancy rate fell by 1.6% year-over-year, ending the quarter at 2.9%. With this tight vacancy rate, rents increased by $1.97 per square foot year-over-year.
As the industrial market as a whole continues to tighten, rents are expected to climb in 2022 if inventory shortfalls persist.
New Hampshire’s office market finished the year with an 11.2% vacancy rate, rising by 1.6% YOY. Over the past year, rents oddly climbed with the vacancy rate. It was not until Q4 that the overall vacancy rate and rents started to level out, with rents unchanged YOY.
By sector, Class A office ended the year with little to no change in its YOY vacancy rate; Class B’s vacancy rate climbed by 3.4%.
- ◦Economy
