A Study of Portsmouth’s Office Market:
Spring 2000 – Spring 2008
By Steven H. Berg, MAI, SRA
|
|
Downtown |
Pease |
Suburban |
Total |
||||||||
|
|
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
|
2000 |
809,474 |
28.7% |
-- |
648,854 |
23.0% |
-- |
1,361,583 |
48.3% |
-- |
2,819,911 |
100% |
-- |
|
2001 |
823,818 |
25.8% |
1.8% |
953,011 |
29.9% |
46.9% |
1,410,263 |
44.2% |
3.6% |
3,187,092 |
100% |
13.0% |
|
2002 |
823,818 |
24.3% |
0.0% |
1,150,895 |
34.0% |
20.8% |
1,410,263 |
41.7% |
0.0% |
3,384,976 |
100% |
6.2% |
|
2003 |
823,818 |
23.7% |
0.0% |
1,225,895 |
35.2% |
6.5% |
1,432,703 |
41.1% |
1.6% |
3,482,416 |
100% |
2.9% |
|
2004 |
814,893 |
24.5% |
-1.1% |
1,238,906 |
37.2% |
1.1% |
1,278,615 |
38.4% |
-10.8% |
3,332,414 |
100% |
-4.3% |
|
2005 |
818,143 |
23.8% |
0.4% |
1,324,060 |
38.6% |
6.9% |
1,290,651 |
37.6% |
0.9% |
3,432,854 |
100% |
3.0% |
|
2006 |
825,285 |
23.8% |
0.9% |
1,324,060 |
38.2% |
0.0% |
1,314,651 |
38.0% |
1.9% |
3,463,996 |
100% |
0.9% |
|
2007 |
824,158 |
23.2% |
-0.1% |
1,418,280 |
39.9% |
7.1% |
1,314,651 |
37.0% |
0.0% |
3,557,089 |
100% |
2.69% |
|
2008 |
848,158 |
22.4% |
2.9% |
1,573,960 |
41.6% |
11.0% |
1,365,051 |
36.0% |
3.8% |
3,787,169 |
100% |
6.47% |
|
Average |
823,507 |
24.3% |
of total |
1,206,436 |
35.7% |
of total |
1,353,159 |
40.0% |
of total |
3,383,102 |
100% |
4.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Existing Office Space (SF) |
||||||||||||
|
|
Downtown |
Pease |
Suburban |
Total |
||||||||
|
|
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
|
2000 |
775,168 |
29.0% |
-- |
532,734 |
20.0% |
-- |
1,361,583 |
51.0% |
-- |
2,669,485 |
100% |
-- |
|
2001 |
809,474 |
28.3% |
4.4% |
656,791 |
23.0% |
23.3% |
1,395,263 |
48.8% |
2.5% |
2,861,528 |
100% |
7.2% |
|
2002 |
823,818 |
26.3% |
1.8% |
898,675 |
28.7% |
36.8% |
1,409,663 |
45.0% |
1.0% |
3,132,156 |
100% |
9.5% |
|
2003 |
823,818 |
24.6% |
0.0% |
1,108,675 |
33.2% |
23.4% |
1,410,263 |
42.2% |
0.0% |
3,342,756 |
100% |
6.7% |
|
2004 |
814,893 |
25.2% |
-1.1% |
1,176,229 |
36.4% |
6.1% |
1,237,595 |
38.3% |
-12.2% |
3,228,717 |
100% |
-3.4% |
|
2005 |
814,893 |
25.1% |
0.0% |
1,195,770 |
36.9% |
1.7% |
1,230,067 |
38.0% |
-0.6% |
3,240,730 |
100% |
0.4% |
|
2006 |
818,143 |
24.6% |
0.4% |
1,261,644 |
38.0% |
5.5% |
1,240,251 |
37.4% |
0.8% |
3,320,038 |
100% |
2.4% |
|
2007 |
804,578 |
23.5% |
-1.7% |
1,311,341 |
38.2% |
3.9% |
1,314,651 |
38.3% |
6.0% |
3,430,570 |
100% |
3.3% |
|
2008 |
809,158 |
22.4% |
0.6% |
1,481,496 |
41.1% |
13.0% |
1,314,651 |
36.5% |
0.0% |
3,605,305 |
100% |
5.1% |
|
Average |
810,438 |
25.3% |
of total |
1,069,262 |
33.4% |
of total |
1,323,776 |
41.3% |
of total |
3,203,476 |
100% |
4.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office Space Under Construction (SF) |
||||||||||||
|
|
Downtown |
Pease |
Suburban |
Total |
||||||||
|
|
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
|
2000 |
34,306 |
22.8% |
-- |
116,120 |
77.2% |
-- |
0 |
0.0% |
-- |
150,426 |
100% |
-- |
|
2001 |
14,344 |
4.4% |
-58.2% |
296,220 |
91.0% |
155.1% |
15,000 |
4.6% |
n/a |
325,564 |
100% |
116.4% |
|
2002 |
0 |
0.0% |
-100.0% |
252,220 |
99.8% |
-14.9% |
600 |
0.2% |
-96.0% |
252,820 |
1% |
-22.3% |
|
2003 |
0 |
0.0% |
n/a |
117,220 |
83.9% |
-53.5% |
22,440 |
16.1% |
3640.0% |
139,660 |
100% |
-44.8% |
|
2004 |
0 |
0.0% |
n/a |
62,677 |
60.4% |
-46.5% |
41,020 |
39.6% |
82.8% |
103,697 |
100% |
-25.8% |
|
2005 |
3,250 |
1.7% |
n/a |
128,290 |
66.8% |
104.7% |
60,584 |
31.5% |
47.7% |
192,124 |
100% |
85.3% |
|
2006 |
7,142 |
5.0% |
119.8% |
62,416 |
43.4% |
-51.3% |
74,400 |
51.7% |
22.8% |
143,958 |
100% |
-25.1% |
|
2007 |
19,580 |
15.5% |
174.2% |
106,939 |
84.5% |
71.3% |
0 |
0.0% |
n/a |
126,519 |
100% |
-12.1% |
|
2008 |
39,000 |
21.4% |
99.2% |
92,464 |
50.8% |
-13.5% |
50,400 |
27.7% |
n/a |
181,864 |
100% |
43.7% |
|
Average |
13,069 |
7.3% |
of total |
137,174 |
76.4% |
of total |
29,383 |
16.4% |
of total |
179,626 |
100% |
2.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupied Existing Office Space (SF) |
||||||||||||
|
|
Downtown |
Pease |
Suburban |
Total |
||||||||
|
|
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
|
2000 |
740,549 |
95.5% |
-- |
498,734 |
93.6% |
-- |
1,299,409 |
95.4% |
-- |
2,538,692 |
95.1% |
-- |
|
2001 |
779,596 |
96.3% |
5.3% |
582,838 |
88.7% |
16.9% |
1,365,203 |
97.8% |
5.1% |
2,727,637 |
95.3% |
7.4% |
|
2002 |
747,287 |
90.7% |
-4.1% |
807,673 |
89.9% |
38.6% |
1,326,147 |
94.1% |
-2.9% |
2,881,107 |
92.0% |
5.6% |
|
2003 |
681,765 |
82.8% |
-8.8% |
985,293 |
88.9% |
22.0% |
1,271,827 |
90.2% |
-4.1% |
2,938,885 |
87.9% |
2.0% |
|
2004 |
711,383 |
87.3% |
4.3% |
1,066,319 |
90.7% |
8.2% |
1,191,033 |
96.2% |
-6.4% |
2,968,735 |
91.9% |
1.0% |
|
2005 |
727,513 |
89.3% |
2.3% |
1,071,782 |
89.6% |
0.5% |
1,170,883 |
95.2% |
-1.7% |
2,970,178 |
91.7% |
0.0% |
|
2006 |
730,639 |
89.3% |
0.4% |
1,139,334 |
90.3% |
6.3% |
1,191,860 |
96.1% |
1.8% |
3,061,833 |
92.2% |
3.1% |
|
2007 |
699,577 |
86.9% |
-4.3% |
1,188,873 |
90.7% |
4.3% |
1,289,039 |
98.1% |
8.2% |
3,177,489 |
92.6% |
3.8% |
|
2008 |
748,473 |
92.5% |
7.0% |
1,315,447 |
88.8% |
10.6% |
1,230,683 |
93.6% |
-4.5% |
3,294,603 |
91.4% |
3.7% |
|
Average |
729,642 |
90.0% |
0.1% |
961,810 |
90.0% |
20.5% |
1,259,565 |
95.1% |
-0.7% |
2,951,018 |
92.1% |
3.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Empty Existing Office Space (SF) |
||||||||||||
|
|
Downtown |
Pease |
Suburban |
Total |
||||||||
|
|
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
|
2000 |
34,619 |
4.5% |
-- |
34,000 |
6.4% |
-- |
62,174 |
4.6% |
-- |
130,793 |
4.9% |
-- |
|
2001 |
29,878 |
3.7% |
-13.7% |
73,953 |
11.3% |
117.5% |
30,060 |
2.2% |
-51.7% |
133,891 |
4.7% |
2.4% |
|
2002 |
76,531 |
9.3% |
156.1% |
91,002 |
10.1% |
23.1% |
83,516 |
5.9% |
177.8% |
251,049 |
8.0% |
87.5% |
|
2003 |
142,053 |
17.2% |
85.6% |
123,382 |
11.1% |
35.6% |
138,436 |
9.8% |
65.8% |
403,871 |
12.1% |
60.9% |
|
2004 |
103,510 |
12.7% |
-27.1% |
109,910 |
9.3% |
-10.9% |
46,562 |
3.8% |
-66.4% |
259,982 |
8.1% |
-35.6% |
|
2005 |
87,380 |
10.7% |
-15.6% |
123,988 |
10.4% |
12.8% |
59,184 |
4.8% |
27.1% |
270,552 |
8.3% |
4.1% |
|
2006 |
87,504 |
10.7% |
0.1% |
122,310 |
9.7% |
-1.4% |
48,391 |
3.9% |
-18.2% |
258,205 |
7.8% |
-4.6% |
|
2007 |
105,001 |
13.1% |
20.0% |
80,248 |
6.1% |
-34.4% |
25,612 |
1.9% |
-47.1% |
210,861 |
6.1% |
-18.3% |
|
2008 |
60,685 |
7.5% |
-42.2% |
166,049 |
11.2% |
106.9% |
83,968 |
6.4% |
227.8% |
310,702 |
8.6% |
47.3% |
|
Average |
80,796 |
10.0% |
|
102,760 |
9.6% |
|
64,211 |
4.9% |
|
247,767 |
7.7% |
17.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office Space Advertised as Available (SF) |
||||||||||||
|
|
Downtown |
Pease |
Suburban |
Total |
||||||||
|
|
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
|
2000 |
31,280 |
3.9% |
-- |
81,220 |
12.5% |
-- |
17,174 |
1.3% |
-- |
129,674 |
4.6% |
-- |
|
2001 |
66,578 |
8.1% |
112.8% |
146,273 |
15.3% |
80.1% |
75,964 |
5.4% |
342.3% |
288,815 |
9.1% |
122.7% |
|
2002 |
137,678 |
16.7% |
106.8% |
208,522 |
18.1% |
42.6% |
107,114 |
7.6% |
41.0% |
453,314 |
13.4% |
57.0% |
|
2003 |
144,455 |
17.5% |
4.9% |
202,235 |
16.5% |
-3.0% |
266,473 |
18.6% |
148.8% |
613,163 |
17.6% |
35.3% |
|
2004 |
98,659 |
12.1% |
-31.7% |
178,287 |
14.4% |
-11.8% |
128,222 |
10.0% |
-51.9% |
405,168 |
12.2% |
-33.9% |
|
2005 |
108,808 |
13.3% |
10.3% |
256,328 |
19.4% |
43.8% |
87,715 |
6.8% |
-31.6% |
452,851 |
13.2% |
11.8% |
|
2006 |
74,742 |
9.1% |
-31.3% |
152,558 |
11.5% |
-40.5% |
78,497 |
6.0% |
-10.5% |
305,797 |
8.8% |
-32.5% |
|
2007 |
79,889 |
9.7% |
6.9% |
128,917 |
9.1% |
-15.5% |
45,750 |
3.5% |
-41.7% |
254,556 |
7.2% |
-16.8% |
|
2008 |
88,098 |
10.4% |
10.3% |
188,922 |
12.0% |
46.5% |
184,726 |
13.5% |
303.8% |
461,746 |
12.2% |
81.4% |
|
Average |
92,243 |
11.2% |
|
171,474 |
14.2% |
|
110,182 |
8.1% |
|
373,898 |
11.1% |
32.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proposed Office Space (SF) |
||||||||||||
|
|
Downtown |
Pease |
Suburban |
Total |
||||||||
|
|
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
SF |
% |
Change |
|
2000 |
0 |
0.0% |
-- |
549,222 |
103.1% |
-- |
280,556 |
20.6% |
-- |
829,778 |
31.1% |
-- |
|
2001 |
12,000 |
1.5% |
n/a |
395,000 |
60.1% |
-28.1% |
274,612 |
19.7% |
-2.1% |
681,612 |
23.8% |
-17.9% |
|
2002 |
28,990 |
3.5% |
141.6% |
417,942 |
46.5% |
5.8% |
173,836 |
12.3% |
-36.7% |
620,768 |
19.8% |
-8.9% |
|
2003 |
41,074 |
5.0% |
41.7% |
345,942 |
31.2% |
-17.2% |
228,636 |
16.2% |
31.5% |
615,652 |
18.4% |
-0.8% |
|
2004 |
12,750 |
1.6% |
-69.0% |
426,000 |
36.2% |
23.1% |
179,100 |
14.5% |
-21.7% |
617,850 |
19.1% |
0.4% |
|
2005 |
12,750 |
1.6% |
0.0% |
340,000 |
28.4% |
-20.2% |
218,021 |
17.7% |
21.7% |
570,771 |
17.6% |
-7.6% |
|
2006 |
0 |
0.0% |
-100.0% |
384,000 |
30.4% |
12.9% |
182,501 |
14.7% |
-16.3% |
566,501 |
17.1% |
-0.7% |
|
2007 |
223,712 |
27.8% |
n/a |
330,000 |
25.2% |
-14.1% |
182,501 |
13.9% |
0.0% |
736,213 |
21.5% |
30.0% |
|
2008 |
219,000 |
27.1% |
-2.1% |
439,000 |
29.6% |
33.0% |
80,000 |
6.1% |
-56.2% |
738,000 |
20.5% |
0.2% |
|
Average |
61,142 |
7.5% |
|
403,012 |
37.7% |
|
199,974 |
15.1% |
|
664,127 |
20.7% |
-1.4% |
Comments:
All information
reported here is deemed to be reasonably accurate, but is subject to error. This
study should be used for general information only. The author can not be held
accountable for readers using this study in a manner not intended.
Survey excludes
complexes with less than 10,000 SF of office space, "loft" or studio
space, office integral to light-industrial facilities, schools & first
floor retail occupied by "service" office users (e.g. real estate
agency, computer, etc).
A space reported as
empty, may or may not be rented at the time; there is simply nobody occupying
that space. A space reported as available, may or may not be occupied. Note
that the word "vacancy" is not employed in this study.
Buildings reported as
under construction include unfinished, existing space, which may not actually
be under construction. Completed buildings, with space that is not yet fit-out,
are not counted as "under construction". Proposed projects that are
actively soliciting and accepting "intents" are shown as having
available space.
Rentable areas were
provided by individuals deemed credible or taken from city records and are
therefore, subject to error. These figures may change from year to year as I
refine the data. When changes are made, prior years are adjusted as well.
A "(c)"
indicates that property is actually a condominium complex. Rentable area is
total area of all office units.
The percentages shown
for "existing occupied" and "existing empty" are based upon
existing gross rentable area.
This study
is copyrighted (2008).
Permission is granted to reproduce, distribute or cite this study, provided
credit is attributed to the author.
A more detailed
version of this report, listing each property individually, as well as
additional information, is available.
For additional
information contact:
Steven H. Berg, MAI, SRA
Sargent Consulting, Ltd.
Post Office Box 787
Portsmouth, NH 03802
603-433-4494
shberg@sargentconsultingltd.com