Vol.47, No.02
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W E E K O F M O N D A Y, J A N U A R Y 1 3 , 2 0 2 5
THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group
WEEKLY SALES OF NOTE
THE YEAR AHEAD
Manchester
What’s in Store for NH CRE 2025?
686 HUSE RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,000,000 B: Mittas At Manchester LLC S: NEP Manchester TP NH Owner Mtg: Leader Bank NA $4,780,000 Use: Inn/Resort, Lot: 107419sf
Expect Improvements Here and There, But Mostly Status Quo
Newington
BY JAY FITZGERALD
Seabrook 111 LEDGE RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,500,000 B: 111 MA-NH LLC S: 111 Ledge Road LLC Use: Industrial Building, Lot: 261360sf
Bethlehem 0 WEST FARM RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,000,533 B: Passumpsic Savings Bank S: White Mountain School & Passumpsic Savings Bank
Auburn 88 GOLD LEDGE AVE. . . . . . . . . . . . . . . . . . . . . . . . . . $4,400,000 B: Maine Drilling & Blasting S: Rattlesnake Hill LLC
Wolfeboro 326 SEWALL RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,250,000 B: James A Wareham, Tr for Bella Vita T S: Robert B Palmer & Jacqueline Fleury Mtg: US Bank NA $2,975,000 Use: 3 Bdrm Conventional, Lot: 28314sf
Conway 1549 WHITE MT HWY. . . . . . . . . . . . . . . . . . . . . . . . . $3,800,000 B: Wavelet Group LLC S: Lot 23 Wmh LLC
Lyme 41 DAVISON LN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,700,000 B: Donna Goldberg, Tr for Donna Goldberg Inv Fund T S: Robert S Meyer & Jane B Meyer
Rye 106 RYE HARBOR RD. . . . . . . . . . . . . . . . . . . . . . . . . $2,872,533 B: Barbara P Lavoie, Tr for Barbara P Lavoie T S: Mae C Bradshaw, Tr for Mae C Bradshaw T
Wolfeboro 76-B PINE HILL RD. . . . . . . . . . . . . . . . . . . . . . . . . . . $2,100,000 B: Green Mtn Holdings LLC S: Green Mountain Realty LLC Use: Residential-Multiple Bldgs, Lot: 405108sf
SPECIAL TO THE REGISTRY REVIEW
N
ew Hampshire commercial real estate brokers expect modest improvements in the office, industrial, retail and multifamily subsectors in 2025 – but not much more. The somewhat positive outlook for the coming year is tied to anticipated additional interest rate cuts by the Federal Reserve and a state economy that’s already produced a super-low jobless rate of only 2.8 percent remaining strong throughout 2025. But it seems each CRE subsector has hit its own internal roadblocks that likely will prevent truly exceptional performances in the coming year, industry officials agree. “I do see isolated [areas] of improvement, but otherwise generally see more of the same,” said Thomas Farrelly, executive managing director of commercial brokerage Cushman & Wakefield’s New Hampshire office. Farrelly was referring to the state’s office market, but his observation generally reflects the views of other brokers towards the entire CRE market in New Hampshire: improvements here and there, status-quo elsewhere. Following is a look at the major CRE submarkets in the Granite State and how they might fare in the coming year.
Offices Still a Weak Spot Of the four CRE subsectors, office buildings are in the roughest shape, both locally and across the U.S.
800
INDEX PG
COUNTY
Much of the third-quarter vacancy rate is tied to major tenants abandoning spaces across the state, such as Liberty Mutual moving out of its giant office campus in Dover or Southern New Hampshire University adding sublease space to the market, according to Colliers. Christian Stallkamp, a partner and senior broker at Boulos Company, agreed that employers are calling back workers to the office. “We’re starting to see more cars in parking lots – which is good,” said Stallkamp, who covers the Seacoast region. But that doesn’t mean the office market in Portsmouth, where the vacancy rate was 18.1 percent as of Sept. 30, is back to its pre-COVID levels.
Both Refinance Purchase
$500 500
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec. Jan Feb
TRANSACTIONS THRU
3 Belknap �������������������������� 12/27/24 3 Carroll ���������������������������� 12/27/24 4 Cheshire ������������������������ 12/27/24 4 Coos �������������������������������� 12/27/24 4 Grafton ���������������������������� 12/27/24 4 Hillsborough ������������������ 12/27/24 5 Merrimack ���������������������� 12/27/24 6 Rockingham ������������������ 12/27/24 6 Strafford ������������������������ 12/27/24 7 Sullivan �������������������������� 12/27/24 7 Bankruptcies 7 Lien & Attachments 7 Foreclosure, Mortgagee & Other Lien Auctions 7 Requests for Bids & Proposals
Continued on Page 8
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$600 600
REAL ESTATE 200RECORDS 0
$900 900 $700 700
400
The remote-work trend that started during the pandemic has eaten deeply into demand for office space – and few think the trend will radically change in coming months and years. Sure, some companies have recently issued back-to-office orders. But many of them have implemented “hybrid” work schedules that call for employees to be in offices only two or three days per week – and letting employees work remotely other days of the week. “You’re going to see more people back to work,” said Farrelly. “But I see continued softness in office demand.” As of the end of the third quarter, New Hampshire’s office vacancy rate stood at 14.4 percent, up 3.4 percent year-over-year, according to Colliers International data.
Volume of Mortgages for Single-Family Homes
$800 800
600
Retail and multifamily are likely to be the strongest performers in 2025, experts say, with industrial assets seeing challenges and office continuing to see weakness.
New Hampshire Market Statistics
Dover 270 GULF RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,025,000 B: Jason Spencer S: Enid T Clement, Tr for Enid T Clement 2014 RET Mtg: Salem Five Mtg Co $1,499,999 Use: 5 Bdrm Contemporary, Lot: 192100sf
iStock illustration
50 FOX RUN RD U:35 . . . . . . . . . . . . . . . . . . . . . . . . . $8,000,000 B: Fox Run Venture LLC S: Penney Prop Sub Hldg LLC
$400 400 $300 300 $200 200 $100 100 $0 0
Nov. Dec. Dec. Jan. Jan. Feb. Feb. March Mar. April Apr. May May June June July July Aug Aug. Sept. Sept. Oct. Oct. Nov. Nov. Nov. ’23
1500 $1,500 1200 $1,200
’24
10000
Both Refinance
8000
Purchase
6000 4000
900 $900
2000 0
Sept. 17
Sept. 18
Sept. 19
Sept. 20
Sept. 21
600 $600 300 $300
$00 Jan. 20 Nov. ’20
Jan. 21 Nov.
Jan. 22 Nov.
Jan. 23 Nov.
Jan. 24 Nov.
’21
’22
’23
’24
Month
Purchase
Refinance
Both
Both
Nov. 2020
$421
$956
$1,376
Nov. 2021 Purchase
$441
$790
$1,231
Nov. 2022
$318
$178
$496
Nov. 2023
$281
$136
$417
Nov. 2024
$358
$247
$605
Refinance
❑ Dollar amounts in millions ❑ Source: The Warren Group ❑ Statistics based on single-family home sales
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