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The Occupancy Rate in the NH Office Markets occupancy was Flat, but Headed into Uncertain Times

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The New Hampshire office market is heading into uncertain times as we wait to see how companies reevaluate their office needs. The affect of the pandemic could take a year or longer to see an impact on occupancy rates, but there will likely be a spike in sublease space hitting the market.

During the second quarter, the overall occupancy rate was flat, with a drop of 0.68% year-over-year. Even with this dip, rents were relatively flat with a $0.02 PSF, or 0.1%, increase year-over-year. 

Across the state, Class B space has the highest occupancy rate of 91.97% and also the largest rental rate decrease, dropping by 1.07% year-over-year. Despite the drop, the high occupancy rate still resulted in an increase in rents by $0.87 PSF, or 5.07%. 

As NH moves forward through the pandemic, much is unknown of the long-term impact this will have on commercial real estate. More employees are back to work, but many have continued with the work-from-home platform - some until the end of the year and others saying this move will continue indefinitely. Companies may also need more space per employee to account for social distancing and COVID recommendations. As companies wait to make decisions, it is  hard to predict what changes they will implement and how that will affect their footprint.

We will need to distance ourselves further from the pandemic to fully understand the lasting impact it will have on the commercial real estate market.

At Colliers International in New Hampshire & Maine, we internally track over 23.07 million SF of office space across 6 submarkets. Our inventory includes buildings and condominiums 10,000+ SF and are classified as Class A, B, or C.   

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The Occupancy Rate in the NH Office Markets occupancy was Flat, but Headed into Uncertain Times

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Kristie Russell

Research Manager | New Hampshire & Maine

Manchester, NH

As the Research Manager, I serve as the point person for gathering and reporting on market knowledge for the New Hampshire and Maine offices. 

I collaborate with our brokers to deliver in-depth analyses of current market conditions and trends for their clients. Using various in-house and online resources, I maintain our proprietary database, which includes detailed property statistics, sale and lease comparables, market contacts, and tenant activity within New Hampshire and Maine. 

With this data, I develop best-in-class research reports, market analyses, and market insight to ensure our clients capitalize on this research as they contemplate business decisions that significantly affect their bottom line.

Prior to becoming the Research Manager, I was a Marketing Specialist at Colliers for five years. In this position I used Adobe software, including InDesign and Photoshop, to implement marketing strategies in support of our brokers. 

My responsibilities included creating property marketing collateral - such as flyers, brochures, ads, and proposals - as well as maintaining listing databases and our exclusive listing inventory. In addition to the property marketing, I assisted in coordinating special events, handling public relations and advertising, creating brand awareness, and developing our SEO and social media campaigns. 

Additionally, I am a licensed real estate salesperson in New Hampshire.

Prior to beginning my career in commercial real estate, I worked for Gallery Marketing Communications, LLC as a graphic design artist. During my time there, I used Adobe software to design brochures, flyers, business cards, and postcards, among other marketing materials. I also worked for Gatehouse Media, Inc as a freelance sports journalist, covering high school games in Massachusetts.

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