The industrial real estate sector in continues to show improvement in the Fairfield and New Haven Counties respectively. The retail and office sector has shown some minor improvement but nothing compared to the industrial side of the industry. Although Connecticut has endured a poor showing in the national debate for which state in the country is pro-business, it is by no means a dead state. Activity is brisk and the commercial brokers specializing in the industrial market are very busy.
A general lack of quality, modern constructed buildings has caused a slight trend towards new build to suit projects to be entertained. This will continue to be advantageous for the property owners who already own zoned land and can build, but a dilemma for the developers who must go through the building and planning & zoning departments for their approval process. Some towns and cities work well with the developers and are pro-business oriented. Unfortunately there are some towns and cities that are not business friendly, which regrettably extends the timeline for a building permit to be issued. This causes great consternation with a user who is under a time constraint to have their project completed in a timeframe they can live with.
There are still available land sites for development but the process one needs to go through regarding zoning, environmental, and other town ordinances, makes it somewhat troublesome for the company who has not experienced this before and requires hand held guidance to finalize the process.
