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Slow Progress Seen in Hartford Retail Market in 2001

HARTFORD, CT-While noting that the recent economic slowdown has taken hold in the area, brokers with Finard & Co. say that they expect 2001 to be a decent year for the retail real estate market here.

By John Jordan | Updated on April 09, 2001

HARTFORD, CT-After a year of slow but steady growth in the retail market in the area, brokers with Finard & Co. say that the sector’s performance this year will depend on how the economy fares in coming months. The report indicates there is less certainty about the economy going forward than there has been in the last few years.

William J. Beckeman, partner, investment sales and research for Finard & Co., writes in a “Finard Report” on the Greater Hartford area for the Winter 2001, “Overall, 2001 looks to be a decent year for the Greater Hartford retail real estate market, but there is greater uncertainty about the economy than in any time in recent years. If consumers stop spending, the on-going consolidation of retailers will only escalate and dampen demand for new stores–with further store closings likely to take place. Accordingly, there appears to be ample downside risk in the near term for retail property owners and investors.”

However, if the economy rebounds in the near-term and provides the “soft landing” many in the business community are hoping for with little additional fallout of major retailer store closings, Beckeman writes that “the Hartford market should continue to show the same slow progress we witnessed this past year. And in the long run, the value of the underlying land should continue to grow–provided the region’s population and jobs don’t move elsewhere.”

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