Some interesting trends have been occurring in the New Hampshire commercial real estate market during COVID-19, and many of them are positive.
Continental Law Group’s New Hampshire commercial real estate practice hasn’t slowed down these last few months — industrial market growth and the residential market have been fueled in part by the effects of the pandemic. In addition, the new “work from home” model that has become popular with so many companies may ultimately drive the office space market in a positive direction.
Here’s what CLG has been observing as far as the New Hampshire commercial market’s tendencies in the last few months:
Industrial Market Grows as Demand for Certain Products Increases
Certain industries are seeing tremendous growth as a result of COVID-19. Not surprisingly, companies that produce medical items and equipment have been experiencing increased demand.
As manufacturers of medical devices, PPE, sanitary items, and other supplies heavily relied upon during the pandemic have been seeing more demand for their products, these companies have a need for additional industrial space, resulting in a positive market trend for these sectors.
The Market for Office Space Continues to Trend in a Positive Direction
While much of the workforce continues to work from home, the market for office space remains less certain. Some companies are offering flexible work arrangements and remote options to limit or reduce the time spent in the office. However, other businesses are beginning to resume normal operations — while trying to implement social distancing requirements in a limited amount of space.
With social distancing guidelines in place for the foreseeable future, businesses might need to reconsider their office floor plans. Many companies may need to secure more office space to allow for six feet or more between employees, moving the New Hampshire office space market in a positive direction.
Commercial Trends Overlap with the Residential Market
The COVID-19 related exodus continues to drive people and their families out of cities and more densely populated areas. Concerned about finances or health, many are moving to smaller suburbs and rural towns — this trend has boosted the residential market in New Hampshire.
The hot residential market in the state is also motivating companies to explore the possibilities of relocating or adding offices in these less populated areas to provide accessible space as an alternative to working remotely from home. Close to Boston and other highly populated areas in Massachusetts, New Hampshire is a natural destination for those who wish to flee from the cities. The New Hampshire commercial market stands to benefit greatly.
CLG provides high-quality representation in the New Hampshire and Massachusetts real estate markets. Based on a modern business model, CLG represents landlords, tenants, commercial stakeholders, developers, asset managers, buyers, and sellers for various commercial real estate matters throughout Massachusetts and New Hampshire.
CLG has offices located in Boston, Salem, MA, and Portsmouth, NH. Call (617) 616-8210 to learn more about CLG’s New Hampshire commercial real estate practice and other legal services.