Office vacancy rates in the Greater Hartford area are around 18 percent while the Stamford office market is strong. The Maine commercial market, however, has not recovered so far this year. Demand for commercial space is low and banks have little confidence in the market, leading to a tight credit market and lack of new construction. The Rhode Island market is very strong, with low inventories and plans for new industrial and office construction. Moderate increases in rental rates are reported in Connecticut and Rhode Island.
Contacts predict steady markets for the rest of the calendar year.
All contacts at investment management firms report that they have increased employment in recent months. Respondents indicate that they rely on hiring bonuses to attract workers and that these bonuses usually exceed 10 percent of base salary. While bonus programs are of long standing in investment management firms, some have recently expanded them into lower levels of the organization. To comment on this site, please fill out our feedback form.