February 7, 2022
At this time last year, we were hopeful that 2021 would see an end to the
pandemic, and that we would be returning to “normal” in a post-COVID
society. Yet here we are at the beginning of 2022, still waiting, while the
global pandemic continues to create challenges for the commercial real estate
industry.
As we progressed through 2021, we gained insight as to the overall impact that
the pandemic has had on the Seacoast Commercial Real Estate Market. As we
anticipated, demand remained high for industrial, multi-family, and investment
properties. Conversely, the office market is still evolving as companies
continue to work remotely, and the hospitality and restaurants industries have
continued to navigate COVID-19 restrictions and labor shortages. This past
summer saw a relaxation of restrictions and renewed optimism, only to have
them rolled back with the surge of the Omicron variant.
While it continues to be a challenge to predict the final impact of COVID-19 on
the commercial real estate industry, we have gained valuable insight over the
past year and have shared it with you in this 2022 Seacoast New Hampshire
Market Outlook.
This annual publication dives into the industrial and office commercial real
estate markets in New Hampshire’s Seacoast Region. We report on current
vacancy rates and asking lease rates, summarize trends in the office and
industrial markets, and offer insight into the coming year’s market performance.
We strive to provide our clients and commercial real estate professionals with
clear, concise, and accurate information that will serve as a valuable resource
as they make decisions throughout the year.
We are also happy to announce that we have opened another New Hampshire
brokerage office in Manchester. This move will allow us complete brokerage
coverage throughout the state and Northern Massachusetts, and we are
excited that we will be able to offer an even more comprehensive Market
Outlook in 2023. To learn more about our Manchester team, please see the
article on Page 10.
We want to thank our clients and the people in the Seacoast community with
whom we had the pleasure of working this past year. We look forward to
working with you in 2022!
Sincerely,
Kent White & The Portsmouth Team
Kent White, Principal Broker, Partner
