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Real Estate Market Analysis: State of New Hampshire Lakes Region

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Real Estate Market Analysis: State of New Hampshire Lakes Region Draft - Real Estate Market Analysis: State of New Hampshire Lakes Region Facility June 15, 2018 Prepared for: State of New Hampshire Lakeshore Redevelopment Planning Commission 120 West Avenue, Suite 303 Saratoga Springs, NY 12866 518.899.2608 www.camoinassociates.com About Camoin Associates Camoin Associates has provided economic development consulting services to municipalities, economic development agencies, and private enterprises since 1999. Through the services offered, Camoin Associates has had the opportunity to serve EDOs and local and state governments from Maine to California; corporations and organizations that include Lowes Home Improvement, FedEx, Volvo (Nova Bus) and the New York Islanders; as well as private developers proposing projects in excess of $600 million. Our reputation for detailed, place-specific, and accurate analysis has led to projects in 30 states and garnered attention from national media outlets including Marketplace (NPR), Forbes magazine, and The Wall Street Journal. Additionally, our marketing strategies have helped our clients gain both national and local media coverage for their projects in order to build public support and leverage additional funding. We are based in Saratoga Springs, NY, with regional offices in Portland, ME; Boston, MA; Brattleboro, VT; and Richmond, VA. To learn more about our experience and projects in all of our service lines, please visit our website at www.camoinassociates.com. You can also find us on Twitter @camoinassociate and on Facebook. The Project Team Michael N’dolo Vice President, Project Principal Rachel Selsky Senior Project Manager, Project Manager Anna Winslow Analyst, Project Staff Table of Contents Executive Summary ........................................................................................................................................................................................... 1 Site Location and Previous Work ................................................................................................................................................................. 7 Demographic and Socioeconomic Profile ................................................................................................................................................ 8 Industrial and Flex Space ............................................................................................................................................................................. 14 Office Space ...................................................................................................................................................................................................... 17 Residential ........................................................................................................................................................................................................ 22 Retail ................................................................................................................................................................................................................... 32 Tourism and Recreation ............................................................................................................................................................................... 42 Attachment A: Data Sources ........................................................................................................................................................................ 51 Table of Tables Table 1: Basic Demographic Comparison ................................................................................................................................................. 10 Table 2: Residents by Place of Work, Economic Region ..................................................................................................................... 12 Table 3: Workers by Place of Residence, Economic Region .............................................................................................................. 12 Table 4: Industrial Job Growth, Lakes Region .......................................................................................................................................... 15 Table 5: Industrial Job Growth, Economic Region ................................................................................................................................. 16 Table 6: Growth in Office Utilizing Occupations, Lakes Region ....................................................................................................... 18 Table 7: Growth in Office Utilizing Occupations, Economic Region ............................................................................................... 19 Table 8: Office Space Demand ...................................................................................................................................................................... 20 Table 9: Health Industry Growth, Lakes Region ...................................................................................................................................... 20 Table 10: Health Industry Growth, Economic Region ........................................................................................................................... 21 Table 11: Housing Units by Units in Structure ........................................................................................................................................ 22 Table 12: Housing Units by Year Structure Built, 2015 ........................................................................................................................ 23 Table 13: Residential Building Permits Issued, Economic Region, 2013-2017 ........................................................................... 23 Table 14: Housing Values (Owner Occupied Housing), Lakes Region ........................................................................................... 25 Table 15: Housing Values (Owner Occupied Housing), Economic Region .................................................................................. 25 Table 16: Renter-Occupied Housing Units by Monthly Rent, 2015 ................................................................................................ 26 Table 17: Change in Number of Households, 2000-2022 .................................................................................................................. 27 Table 18: Household Trends by Tenure, Lakes Region ........................................................................................................................ 27 Table 19: Household Trends by Tenure, Economic Region ............................................................................................................... 28 Table 20: Households by Size, 2010 ............................................................................................................................................................ 28 Table 21: Household Income Trends, Lakes Region ............................................................................................................................. 29 Table 22: Household Income Trends, Economic Region ..................................................................................................................... 30 Table 23: Age 50+ Population Growth, Lakes Region .......................................................................................................................... 31 Table 24: Age 50+ Population Growth, Economic Region ................................................................................................................. 31 Table 25: Households by Income and Age of Householder (2017), 15 Minute Drive Time .................................................. 33 Table 26: Households by Income and Age of Householder (2017), 45 Minute Drive Time .................................................. 33 Table 27: Top Tapestry Segments of the Economic Region, 2017 .................................................................................................. 34 Table 28: Consumer Spending Index, 45 Minute Drive Time ............................................................................................................ 37 Table 29: Supportable Retail - 15-Minute Drive Time from Lakes Region Facility ................................................................... 41 Table 30: Supportable Retail - 45-Minute Drive Time from Lakes Region Facility ................................................................... 41 Camoin Associates | DRAFT - Real Estate Market Analysis: State of New Hampshire Lakes Region Facility Table 31: Accommodation Inventory, Lakes Region, 2018 ................................................................................................................ 44 Table 32: Arts, Entertainment, and Recreation Businesses ................................................................................................................. 46 Table 33: Arts, Entertainment, and Recreation Industry Groups, Economic Region ................................................................ 46 Table 34: Top Arts, Entertainment, and Recreation Industry Sub-Sectors, Economic Region ............................................. 47 Table 35: Leisure and Sports Market Potential, Economic Region .................................................................................................. 48 Table 36: General Sports Market Potential, Economic
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