The story through 2018 has not changed in New Hampshire, overall industrial vacancy continued to tighten, ending the year at 5.16%. In the Nashua submarket, one of the busiest markets, vacancy steadily declined each quarter and finished the year at 5.75%. Even with all the activity, rents only saw an average $0.11 PSF increase. Interestingly, Massachusetts bordering submarkets saw the largest increase in rents year-over-year; Nashua went up $0.28 PSF and Salem increased by $0.45 PSF.
The overall office vacancy dropped by 100 basis points year-over-year, with the Concord, Manchester, and Nashua submarkets decreasing by 200 basis points each. Accompanying this tightening of the market was an increase in rents, ending the year at $18.94 modified gross across the submarkets and property classes we track.
For an in depth look at Q4 and an overview of each submarket, please take a look at our 2018 Market Report.