Summers' time

Marcus & Millichap's National Retail Report for the New Haven area says "A lack of significant inventory growth will keep vacancy in check, but projections for weak retail sales caused the market to drop three places in the index to 15. In 2010, local businesses will increase payrolls by 1,600 positions, or 0.2%. Last year, 21,750 workers were let go. Retail inventory will expand by 0.3% this year with completion of 184,000 s/f, the same amount of space that was delivered in 2009. After vacancy climbed 100 basis points last year, still weak demand will underpin a 50 basis point rise to 8.1% in 2010. This year, asking rents are projected to drop 1% to $20.50 psf, while effective rents will recede 2.9% to $17.64 psf. In 2009, asking and effective rents fell 4.7% and 7.3%, respectively. Buyers will continue to target relatively stable single-tenant assets in southwestern Conn., though tight underwriting will cause cap rates in these properties to rise to the mid to high 8% range this year." NEDA's 54th annual conference, Transformational Leadership in Economic Development, will be held Oct. 17 to 19 at the Renaissance Providence Hotel. Speakers include: Rick Smyre, founder/president, Communities of the Future; Chris Martenson, economist and auther; Robert Leaver of New Commons, Providence; Kevin Hiveley, founder/president of Niniget Partners; Janet Raymond, Greater Providence Chamber of Commerce; Bruce Seifer, City of Burlington, Vt.; and Mark Waterhouse, CEcD, Garnet Consulting. Registration is $200 per person which includes Sunday reception, Monday banquet, breakfast Monday and Tuesday. Call 401-295-9215 or nedaonline.org/conference.asp. Ben Summers is a managing editor at the New England Real Estate Journal, Norwell, Mass.