New England By The Numbers
Jul 1, 2003 12:00 PM
Space is a big concern in New England. Because of the lack of it, Newbury Street in Boston is able to command rents from $70 a square foot to more than $150 a square foot, putting it on the level of Rodeo Drive in Beverly Hills. Stanley Sidel, senior vice president with Legg Mason Real Estate Services, says his firm recently negotiated a $12 million mortgage for The Gap and its offshoots on a 25,000-square-foot space, which works out to be $480 per square foot.
In the 'burbs, average rent for nonanchored tenants is on average $18 to $22, triple net. Sidel says rents are similar in Nashua and Manchester, N.H., Portland, Me., Providence, R.I. and Burlington, Vt.
MAINE
- Population 2002: 1.294 million
- Median Household Income: $36,612.0 (-1.8% YOY)
- Median Home Price: $188,000 (+9.3% YOY)
- Boston Regional Mall Vacancy Rate: 5%
- Boston Power Center Vacancy Rate: 4%
- Boston Neighborhood Center Vacancy Rate: 6%
MASSACHUSETTS
- Population 2002: 6.427 million
- Median Household Income: $52,253 (+11.8% YOY)
- Median Home Price: $397,000 (+11.5% YOY)
- Boston Regional Mall Vacancy Rate: 7%
- Boston Power Center Vacancy Rate: 8%
- Boston Neighborhood Center Vacancy Rate: 8%
NEW HAMPSHIRE
- Population 2002: 1.275 million
- Median Household Income: $ 51,331.0 (+0.8% YOY)
- Median Home Price: $264,000 (+6.7% YOY)
- Manchester Regional Mall Vacancy Rate: 8%
- Manchester Power Center Vacancy Rate: 8%
- Manchester Neighborhood Center Vacancy Rate: 10%
VERMONT
- Population 2002: 616,600
- Median Household Income: $40,794.0 (+3% YOY)
- Median Home Price: $213,000 (+10.6% YOY)
- Burlington Regional Mall Vacancy Rate: 12%
- Burlington Power Center Vacancy Rate: 8%
- Burlington Neighborhood Center Vacancy Rate: 7.5%
RHODE ISLAND
- Population 2002: 1.069 million
- Median Household Income: $45,723.0 (+8.4% YOY)
- Median Home Price: $220,000 (+22% YOY)
- Providence Average Mall Rent Per Sq. Ft: $47
- Providence Average Power Center Rent Per Sq. Ft: $18
- Providence Average Neighborhood Center Rent Per Sq. Ft: $14
Source: U.S. Census Bureau and NAI
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