Market Information

Northeast Property Group has a proven track record, providing leading commercial brokerage and property management services in Connecticut for over 25 years. Call (860) 437-7005 for a customized real estate solution.

Local Market Information in Southeastern Connecticut

Location and Population

Southeastern Connecticut /Southern Rhode Island are strategically located between New York, and Boston, the two major marketplaces of the Northeast. 150 Million people, one third of all United States manufacturers, and two thirds of Canadian manufacturers are located within 500 miles of the region.

New London County has a population of approximately 250,000 persons. The County is made up of 11 cities and towns stretching along the shoreline from the eastern shore of the Connecticut River to the border of Rhode Island and north to, the terminus of the Thames River in Norwich. The southern Rhode Island area adds approximately 50,000 persons to the population total.

Transportation

The deep water Port of New London recently reopened the State Pier after major renovations. The Port includes an International Free Trade Zone, spurring interest in the New London area as an international trade port. In addition the port hosts ferry service to Eastern Long Island and surrounding destinations.

The region is served by both Amtrak, with stations in both Westerly and New London, and Shoreline East rail passenger service to New Haven. Groton/New London Airport hosts US Airways Express and several regional carriers.

Economy

The Southeastern Connecticut/Southern Rhode Island area is a diverse marketplace that has been commonly known as having its primary economy dependent upon manufacturing and defense contracting. The major Industrial employers in the region historically have been General Dynamics, Pfizer, Dow Chemical, Northeast Utilities, and US Naval Submarine Base. Casino Gaming with associated entertainment and hotel venues has become a major employment source in Southeastern Connecticut. It is estimated that a total of over 20,000 persons are now employed. Other large non-industrial employers include Computer Sciences Corporation and the region’s three major hospitals, Lawrence & Memorial, William Backus, and The Westerly Hospital.

Pfizer has recently completed a major expansion, including a new Central Research Facility. The project included the creation of 2000 new jobs located in a new 500,000 square foot research building in Groton and a 790,000 square foot office complex on a 24 acre site in New London. Although Pfizer will begin transferring employees from their New London complex to Groton, this building represents a major opportunity for the New London County area.

The Tourism Industry is enhanced by the growth of the two casinos, the recent renovation and expansion of the Mystic Marine aquarium, and the popular Mystic Seaport.

Persons moving into the region from other areas are filling many new jobs created at the Casino Resorts and Pfizer. The expansion at Pfizer demands a national and international personnel search for qualified scientists and professionals. Companies that provide services to the growing industries are appearing in the market adding ancillary employment and office and industrial property use.