New Haven just keeps adding to its apartment inventory. Some are retrofitted from other uses, some are built new, and all seem to be filling up. Some of the short-term demand could be because more students are choosing to live off-campus during the pandemic. Students from other countries, particularly, may be here even if there are no in-person classes, or if their cohort is not in residence at this time.
Whatever the cause, we just seem to keep building. Remember the old line from the movie Field of Dreams: "Build it and they will come"? Whether or not that is true, the real estate sequel, had it been made, would have reminded the characters that after they come, they will need other things. Despite the tremendous growth in on-line shopping, there are necessities of life--and last-minute purchases--that require bricks and mortar stores and restaurants. So it stands to reason that, with new apartments everywhere--retail will follow.
Smart investors should be looking now for what tenants want nearby, especially if they are students. Gyms, spas, takeout places, and pet businesses are more popular than ever, but, even without bars and nightclubs, other establishments will do well. Once the weather gets colder, bicycle commuters, walkers, and train riders will be picking up supplies on their way home from work, and they won't be going as far to do so.
Even in these uncertain times, downtown New Haven is growing, and there is plenty of room for entrepreneurs to join the apartment dwellers. And don't forget to think outside the box--our rich history as a manufacturing city has left us with plenty of interesting spaces, and they should all be considered. Act now, and reap the rewards in the years to come!
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