Shelton, CT boasts a population of less than 50,000 and stands amongst four of the state’s top cities located in Fairfield County, including Bridgeport, Stamford, Norwalk and Danbury — combined, these four destinations form a population of nearly 435,000.
It’s no surprise that Fairfield County is a hot spot for commercial real estate. Just last year, William Meyer penned a lease for an estimated 67,000 square feet of property in Stratford, CT. Another 225,000 square feet of office space was constructed and signed by mail delivery giant, FedEx.
Fairfield County’s industrial market ended the fourth quarter with a vacancy rate of 10 percent and 14.1 percent in the office market, according to a recent report released by Coldwell Banker. The average vacancy rates in the U.S. for industrial space last year was 10.2 percent and for office, 12.3 percent, according to Statista.
Overall, developers, builders and investors in the real estate realm are approaching the industry with cautious optimism, in hopes it will grow. National market trends indicate that increased employment rates and steady growth in the nation’s Gross Domestic Product (GDP) are boosting consumer confidence. Plus, investors are leveraging technologies such as the Internet of Things (IoT), cloud computing and advanced analytics to improve efficiency, spot deals and maintain a competitive edge.
Here’s a quick look at market trends in Shelton, CT and areas that surround between March and June 2016, courtesy of Loopnet:
Multifamily
In Fairfield County, the average asking price rose by 3.3 percent to $75,921.55 per unit, as compared to the state, which rose .9 percent to $65,882.96.
Office
Asking prices increased by 2.5 percent in the state to $108 per square foot, while increased .2 percent to $98.98 in Fairfield County. Average rental rates in the state increased by .6 percent to $18.77 per square foot, while the rates increased by .7 percent to $15.34 per square foot in Fairfield County.
Industrial
Asking prices increased by .7 percent to $54.88 per square foot in the state and by 4.4 percent to $55.51 per square foot in Fairfield County. Rental costs increased by 1.4 percent in the state to $6.44 per square foot and by .9 percent in Fairfield County to $6.22 per square foot.
Retail
Retail property prices went up by 5.3 percent to $123.05 in the state and up 5.6 percent in Fairfield County to $117.18 per square foot. Rental costs decreased by .5 percent to $16.30 per square foot and .5 percent in Fairfield County to $13.68.