So, if you have land on which to build storage space, or space that can be converted, this is the time to put it on the market. There are takers out there.
Showing posts with label North Haven. Show all posts
Showing posts with label North Haven. Show all posts
Wednesday, February 5, 2020
Got Warehouses?
The Town of Trumbull just announced a big warehouse deal by Amazon, who is opening a facility in North Haven also. Given our proximity to rail, water, NYC, and Boston, we are in demand as a region in an economy of delivery. Where will the supply come from? Since not much has been built, and since there is some oversupply in other types of flex space, what was built as office may now become warehouse space. While not providing the same number of jobs--which may be why Connecticut's 0.2% job growth is well below that of other states nationally and in New England-- such use does bring economic growth to our region. There's also a spillover effect into transportation and other ancillary sectors. Beggars can't be choosers. We have real estate, and distributors have needs.
Wednesday, August 7, 2019
The Amazon Ripple Effect
Now that Amazon's new warehouse is about to open in North Haven, we should focus on the broader effects of its presence. Although politicians tend to focus on employment, we should also consider the other businesses brought here by Amazon. We have had two large deals recently, where the buyer chose the location because it was a supplier to Amazon, or provided a service that it would purchase. Investors, developers, and builders, please take note.
Since all of those other organizations employ people as well, plus they pay taxes and buy goods and services, this is very good news for our region. Warehouse space is becoming more desirable, and other companies will build from scratch. The multiplier effect will be in full force! Employees will also buy houses, cars, and durable goods, plus eat out, give to charities, and pay taxes. And that will be good for all of us.
Since all of those other organizations employ people as well, plus they pay taxes and buy goods and services, this is very good news for our region. Warehouse space is becoming more desirable, and other companies will build from scratch. The multiplier effect will be in full force! Employees will also buy houses, cars, and durable goods, plus eat out, give to charities, and pay taxes. And that will be good for all of us.
Sunday, March 24, 2019
A State Full of Warehouses
There's been a lot of talk about the aborted Amazon deal in Queens, and many commentaries on the pros and cons of the decision. Let's not lose sight of the fact that we have a big--gigantic, even--warehouse going up in North Haven. Although distribution centers lack the glamour of headquarters buildings, and admittedly have many fewer employees per square foot, they certainly boost the local economy in many ways.
Connecticut, with its prime location between Boston and New York, has long been a place from which companies served both of those markets. Even as the world becomes more technological, and much more things are done online and in the cloud, there are still more and more physical objects that get moved around daily. Many more shoppers go online to buy, as opposed to driving to a traditional mall. Streets are littered with FedEx and UPS trucks, and 54 cents of every advertising dollar is now spent online.
That should mean that our future in this state will depend upon our ability to help manufacturers and middlemen move goods from place to place, especially in the Northeast Corridor. We are well suited for that, as long as we begin to focus more on our infrastructure. The transportation lockbox in Hartford will be key for improving our roads and rails. But geography, and our much lower real estate prices, are on our side.
Properties that are built as warehouses, distribution spaces, or flex spaces, and those that can be rehabbed into those types, are ripe for the picking.
Connecticut, with its prime location between Boston and New York, has long been a place from which companies served both of those markets. Even as the world becomes more technological, and much more things are done online and in the cloud, there are still more and more physical objects that get moved around daily. Many more shoppers go online to buy, as opposed to driving to a traditional mall. Streets are littered with FedEx and UPS trucks, and 54 cents of every advertising dollar is now spent online.
That should mean that our future in this state will depend upon our ability to help manufacturers and middlemen move goods from place to place, especially in the Northeast Corridor. We are well suited for that, as long as we begin to focus more on our infrastructure. The transportation lockbox in Hartford will be key for improving our roads and rails. But geography, and our much lower real estate prices, are on our side.
Properties that are built as warehouses, distribution spaces, or flex spaces, and those that can be rehabbed into those types, are ripe for the picking.
Wednesday, June 6, 2018
We're Turning 60!
This week is Pearce Real Estate's 60th anniversary, and we're celebrating! My father founded the company in 1958, after a 20-plus year career at the A.C. Gilbert toy company (now turned into artists' studios on Peck Street in New Haven). Perhaps selling erector sets made him long to sell real buildings, and, early in his career, he actually sold the Gilbert building, after the company was downsized and sold.
Our original location, on State Street in North Haven, has been doubled twice, and we are still headquartered in that building today. Over the years, we spread our territory, first to the Shoreline, and then to other commercial locations in Greater Hartford and in Milford, but we always have maintained our core principles of local independent real estate expertise and community service. All eight offices today are filled with dedicated professionals who pride themselves on knowledge and integrity.
We'd like to think that we have indeed made Connecticut better over our 60 years in business. In addition to providing thousands of hours of human service, and millions of dollars, to all kinds of non-profit organizations around the State, we have changed its landscape. We have developed housing around the Greater New Haven region for most of that period. With Don Lippincott, my father developed first an industrial park at Exit 10, and then what became in effect a regional mall at Exit 9. The latter involved building a road and bridge, which is now called the Herbert H. Pearce and Donald B. Lippincott Commemorative Bridge, and leads to Home Depot, Target, and many other destinations.
His capstone project was New Haven's first mixed-use development, known as Whitney Grove Square. It has shopping, office, residential, and parking at one location, with a bigger garage across the street. It was instrumental in moving people up from the Green to Whitney Avenue and Grove Street. Buyers lined up through the night to buy the condos when they went on sale in 1986. Many residents of the region now live in the heart of downtown New Haven, but it was unusual at the time.
We're proud of history, and of the perseverance that it has taken to survive and thrive for all of those 60 years. We're prouder still of our associates, current and retired, who allowed us to do so. And we are grateful most of all to the thousands of clients who have entrusted us with their sales, purchases, and rentals, for decades, and often for generations of the same families and corporations. We look forward to the future, and know that it will be bright.
Our original location, on State Street in North Haven, has been doubled twice, and we are still headquartered in that building today. Over the years, we spread our territory, first to the Shoreline, and then to other commercial locations in Greater Hartford and in Milford, but we always have maintained our core principles of local independent real estate expertise and community service. All eight offices today are filled with dedicated professionals who pride themselves on knowledge and integrity.
We'd like to think that we have indeed made Connecticut better over our 60 years in business. In addition to providing thousands of hours of human service, and millions of dollars, to all kinds of non-profit organizations around the State, we have changed its landscape. We have developed housing around the Greater New Haven region for most of that period. With Don Lippincott, my father developed first an industrial park at Exit 10, and then what became in effect a regional mall at Exit 9. The latter involved building a road and bridge, which is now called the Herbert H. Pearce and Donald B. Lippincott Commemorative Bridge, and leads to Home Depot, Target, and many other destinations.
His capstone project was New Haven's first mixed-use development, known as Whitney Grove Square. It has shopping, office, residential, and parking at one location, with a bigger garage across the street. It was instrumental in moving people up from the Green to Whitney Avenue and Grove Street. Buyers lined up through the night to buy the condos when they went on sale in 1986. Many residents of the region now live in the heart of downtown New Haven, but it was unusual at the time.
We're proud of history, and of the perseverance that it has taken to survive and thrive for all of those 60 years. We're prouder still of our associates, current and retired, who allowed us to do so. And we are grateful most of all to the thousands of clients who have entrusted us with their sales, purchases, and rentals, for decades, and often for generations of the same families and corporations. We look forward to the future, and know that it will be bright.
Wednesday, July 18, 2012
Great News! We're Growing!
Yesterday, we added a new Milford office, with very successful and seasoned commercial agents in it, as we completed a merger with George J. Smith & Son Realtors. The Smith firm, which has been in existence for 126 years, adds to the 54 years of Pearce Real Estate to give clients the benefit of a total of 180 years of company operations.
After the past several years of doing little other than cutting and closing, it's wonderful to be able to grow, and to look forward with anticipation to better tomorrows. There are now 16 of us in the Pearce Commercial Division, a number that exceeds almost all of the other firms in Connecticut, including the national firms. Our combined size positions us to obtain more and better listings, have broader contacts, and share valuable information from our office in Rocky Hill, our headquarters in North Haven, and our new office in Milford.
We look forward to serving you in one of our locations!
After the past several years of doing little other than cutting and closing, it's wonderful to be able to grow, and to look forward with anticipation to better tomorrows. There are now 16 of us in the Pearce Commercial Division, a number that exceeds almost all of the other firms in Connecticut, including the national firms. Our combined size positions us to obtain more and better listings, have broader contacts, and share valuable information from our office in Rocky Hill, our headquarters in North Haven, and our new office in Milford.
We look forward to serving you in one of our locations!
Friday, July 6, 2012
Commercial Real Estate Loans Coming Due
2012 marks the year when many, many commercial real estate loans, written at the craziest height of the market, are coming due or need adjustment. Although there has long been talk that such an event would cause huge disruptions in the market, the economy seems to have improved enough to allay those fears somewhat. However, there are definitely loans out there that should never have been written.
Today's New York Times cites one such loan, that made wild assumptions about the increases in NYC rents, the ability of an owner to do condo conversions, and the lack of any increases in operating costs. Viewed through the lens of the past five years, all that comes to mind is "What were you thinking?". But isn't that always the way the cycles go? It does often seem that the life cycle of a banker is just slightly shorter than an economic cycle, so that we are always repeating the same mistakes.
Today's New York Times cites one such loan, that made wild assumptions about the increases in NYC rents, the ability of an owner to do condo conversions, and the lack of any increases in operating costs. Viewed through the lens of the past five years, all that comes to mind is "What were you thinking?". But isn't that always the way the cycles go? It does often seem that the life cycle of a banker is just slightly shorter than an economic cycle, so that we are always repeating the same mistakes.
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