Retail Activity: Retail Activity Totals for 2017 Arrivals, Retentions, Transfers and Departures List of Vacant Storefronts

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​Retail Activity Totals: 2017

Category	2017
Total Stores	67
Occupied Stores	62
Vacant Stores	5
Vacancy Rate	7.5%
New Arrivals	1
Retentions	1
Transfers	1
Departures	4

Arrivals, Departures and Transfers:

Business Name	Address	Product/Service
New Arrivals: 1
Freckled Fox Cafe	1 North Main Street	Food Cafe
​Departures: 4
El Conquistador	91 Main Street	Food Establishment
Subway	91 Main Street	Food Establishment
Earth First Floor Tile	131 Main Street	Home Products
Cup N Top Cafe	1 North Main Street	Food Cafe
​Transfers: 1
Edward S Jones -- Prior Location: 55 Main Street .	40 Maple Street	Financial Services
Retentions: 1
On Point Salon - Lease Renewal	1 North Main Street	Hair Salon

List of Vacant Storefronts: 5

Address	Prior Tenant	Background Information
3 Main Street	FJ Rogers Bike Shop	Ownership retirement 2016
91A Main Street	El Conquisatador	Business closed - Restaurant
91B Main Street	Subway	Business closed - Fast Food
131 Main Street	Earth First Floor Tile	Earth First returned to their Sunderland location.
82 South Maple Street	Long Vacant

  

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Northampton Attendance and Visitorship Figures One Time and Return Visitorship  This list is designed to detail the high volume of visitors to Northampton.  These figures comprise either one time or return visitors.  For example, the total visitorship number for Thornes', the retail emporium, reflects total visitors who could be one time and/or frequent patrons. How Attendance is Calculated Attendance is based either on direct data from the venues listed below or conservative estimates  For example, Northampton's major hotels attract thousands of visitors who stay for more than one day and will generate more local consumer spending than a day visitor. Since hotel data is proprietary, a conservative estimate of 50% occupancy with 1.5 guests per room has been calculated.  Attendance Impacts Some of the attendance figures below represent one time or seasonal events which deliver substantial numbers of visitors to Northampton.  Alternatively, there are other generators of foot traffic  such as the entertainment venues,. hotels and farmers markets which are attracting visitors and shoppers on a regular daily or weekly basis.

Attendance Grand Totals: 1.6 Million
Venues	Attendance
3 County Fairgrounds	130,000
Entertainment Venues	80,000
Museums	47,000
Thorne's Marketplace	700,000
Downtown Street Events	57,000
Hotels	92,000
Look Park	500,000

Attendance and Visitorship Figures
Venue	Attendance	Frequency	Reference Notes
Exhibition Center
3 County Fairgrounds	100,000	Multiple Events
Paradise City Arts Festival	30,000	May & Oct.	Located at 3CF
Entertainment Venues
Academy of Music	55,000	148 Shows	Based on Academy Data
The Calvin	18,000	36 Shows	Estimated
Iron Horse	5,000	100 Shows	Estimated
Signature Sounds	2,000	40 Shows	Estimated
Museums
Smith College Museum of Art	41,000	Open Daily	Based on Museum Figures
Historic Northampton	4,000 - 6,000	Open Daily	Based on Museum Figures
Retail Destinations
Thorne's Marketplace	700,000	Open Daily	Based on Thorne's Figures
Public Transportation
Amtrak Northampton Station	19,974	Daily Service	Amtrak Vermonter Rdiership
Single Day Downtown Street Events
Bag Day (November)	2,000	Mid - Nov.
Holiday Downtown Stroll (December)	4,000	December
First Night (December)	7,000	Dec. 31st
Ice Art Festival (February)	1,500	February
NoHo Pride March	15,000	May
Summer Stroll (July)	4,000	July
Hot Chocolate Run (October)	10,000	December
Multi-Day Events
Chalk Art Festival	1,500	September
Summer Concert Series	6,000	July-August
Sidewalk Sales	6,000	August 4 days
Farmer's Markets
​ Tuesday Market	16,000	April- Nov.
Hotels (4)
Hotel Northampton	29,000	106 Rooms	Hotel estimates noted above
Fairfield Inn	29,000	106 Rooms
Quality Inn	24,890	88 Rooms
Autumn Inn	8,760	32 Rooms
Public Parks
Look Park	500,000	Daily	150 Acre Park, Zoo, Events

Hotel Occupancy Tax Revenues 

Note:  Analyzing Hotel and Meals tax revenues can be a good barometer of consumer spending and offer a view of spending food and beverages year to year.  

Hotel Tax Definition: The Commonwealth of Massachusetts imposes a room occupancy excise tax of 5.7%. The law allows cities and towns the option to levy an additional 6%, which Northampton does.  For example, a hotel room rate of $100.00 per night would yield $6.00 to the City and $5.70 to the State. 

Hotel Revenue Analysis: Tax revenue collections show that hotel revenues have been consistent since 2012 averaging $530,000. Since 2015, revenues have averaged $660,000, an increase of nearly 26%. The 2015 increase may be attributable to the Autumn 2014 opening of the new Fairfield Inn. Alternatively, in November of 2015, the Clarion Inn closed but despite this decline in 122 hotel rooms, revenues for 2016 decreased slightly.  

Hotels Generate Visitorship and Consumer Spending
At 50% occupancy with 1.5 persons per room, Northampton's 340 hotel rooms will generate at least 93,000 visitors who at 50.00 per day could generate $4.8 million in consumer spending. Although the closing of the Clarion reduced Northampton's hotel inventory by 122 rooms, the new construction of the Fairfield Inn added 108 rooms closer to the Downtown.  Since its opening in 2014, the Fairfield Inn has been operating with positive occupancy rates and revenues.  

Hotel Room Inventory - 340 Rooms
Northampton possesses (3) hotels and (1) Inn with 32 rooms including (2) smaller Inns with under 5 rooms. These are:

• Hotel Northampton - 106 Rooms
• Quality Inn and Suites - 88 Rooms
• Autumn Inn - 32 Rooms
• Fairfield Inn - 108 Rooms
• Sugar Maple Trailside Inn - 2 Rooms
• Historic College Inn of Northampton  - 4 Rooms 

  

Calendar Year	Revenue	Change	Percent		Total Hotel Rooms
2017	$674,971	+38,076	+6%		340
2016	$636,895	-$30,000	-4%		340
2015	$667,090	+$140,000	+26%		462
2014	$527,762	-$1,700	-----		340
2013	$529,434	-$1,000	----		340
2012	$530,359	+$38,600	+8%		340
2011	$491,732

Meals Tax Revenues

  


Meals Tax Definitions: The Commonwealth of Massachusetts imposes a sales tax on meals (6.25%)
purchased from restaurants. Locals towns and cities have the option to add an additional 0.75% to the Meals Tax (Total 7.0%) with the revenues from the 0.75% remitted back to the city. Northampton exercised this "local option" in 2009.   Please note that the meals tax revenues represent city wide revenues although the downtown would contribute a major share to these figures.  

Meals Tax Analysis:
Meals tax revenues for Northampton yield the largest totals in Hampshire but have trended on a consistent plateau level.  Since 2015 revenues have averaged $715,000 annually and $653,000 annually from 2011 to 2014.  

Calendar Year	Revenues	Total Meal Sales
2017	$735,567	$97.7 million
2016	$709,901	$94.6 million
2015	$703,172	$93.7 million
2014	$662,739	$88.3 million
2013	$671,626	$89.5 million
2012	$654,950	$87.3 million
2011	$626,347	$83.5 million

Parking Revenues

 

Parking Revenue Defintion:City of Northampton revenue for garage, parking lot, and on-street parking 

Analysis: Parking revenues have trended on a stable plateau level since 2013. 

Fiscal Year (July 1 - June 30)	Revenue
2017	$2.0 million
2016	$1.9 million
2015	$1.9 million
2014	$1.884 million
2013	$1.875 million
*parking revenue does not include parking tickets

Retail and Office Rent Information

Information Sources for Retail Vacancies and Rents  

The web sites listed below offer free information on retail and office availabilities in Florence as well as Northampton.

• Loop Net:    www.loopnet.com   Loop Net offers listings for retail and office availabilities with asking rents listed for some vacancies.  Asking rents are not listed for every vacancy. 
• Commercial and Investment Properties:  www.commremagazine.com  --  Commre is a seasonal print magazine as well as a web site with retail, office and commercial listings.  

Retail Asking Rent Comparison
City or Town	Section	Rent	Average  Rent
Florence	Center Downtown	$12 - $16	$14.00
Northampton	Center Downtown	$27-$40	$33.50
	Main Street	$33-$42	$37.50
	Pleasant Street	$23-$29	$26
	Pearl to Holyoke Sts	$14-$23	$18
Amherst	Downtown Center	$26-$32	$29
Chicopee	Overall	$9-$12	$10.50
Holyoke	Downtown	$9.50-$12	$10.50
Middletown, CT	Downtown	$12-$25	$18.50
Hartford	Downtown Center	$18-$35	$26.50
Stamford	Downtown Center	$25-$50	$37.50
White Plains	Downtown Center	$29-$50	$39.50
Greenwich	Downtown Center	$85-$125	$107.50

​Lists of: 1- Downtown Building Sales: 2013- 2017 2 -List of Comparative Building Values Note: The buildings below with Main Street addresses are in Downtown Northampton, not in Florence.

Address	Sq. Ft.	Prior Sale or TRV*	Sale	PPSF*
2017: (3) Sales
193 Main Street ​ Brick Retail/Residential	5,000	$730,000	$750,000	$150.00
256 Pleasant Street Northampton Lumber Yard	1.2 Acres	N/A	$1.0M	Land/Bldg
76 Gothic Street Office/Former Residence	2,400	$363,000 TRV	$500,000	$208.00
2016: (8) Sales
25 Market Street Brick Mixed Use	7,200	$975,000 (2006)	$1.0M	$138.88
236 Pleasant Street Fmr. Brake King	2,400	$249,000 (2014)	$370,000	$154.16
263 - 287 Pleasant Street Retail/Apartment Bldg	22,000	N/A	$2.4M	$109.00
273 Main Street (in Northampton) Retail/ Apartment Bldg	3,200	$689,000 TRV	$910,000	$284.00
79 Masonic Street (in Northampton) Fmr. 2 Story Residential   Building	2,600	$509,000 TRV	$750,000	Land/Bldg
32 Main Street (Northampton) 3 Story Retail & Apartment Bldg	5,000	$1.2M TRV	$865,000	$173.00
40 Center Street Residential to Office Bldg	2,300	$378,000 TRV	$479,000	$208.00
4 Main Street Moshi Moshi Restaurant	1,100	$339,000 TRV	$500,000	$450.00
2015: (1)
9.5 Market Street Click Workspace	9,000	$1.2M TRV	$780,000	$89.00
2014: (2)
196 Main Street Harlow Luggage Bldg	4,700	$325,000 (2003)	$1.05M	$223.00
236 Pleasant Street Former Brake King	2,300	$225,000 (1990)	$249,000	Land/Bldg
2013 (2)
189 Main Street Shop Therapy	6,400	$950,000 (2004)	$1.3M	$203.00
125 Pleasant Street Union Station Restaurant	30,000	$1.4M (1999)	$2.6M	Land/Bldg
Glossary: PPSF = Price Per Square Foot TRV = Tax Roll Value or Assessed Value

List of Comparative Building Values

Summary: Similar sized and purposed buildings were sampled from the downtowns of Northampton, Amherst and Middletown, Connecticut.  Middletown is a small sized city with its Downtown shared by Wesleyan and Middlesex Community Colleges. Northampton buildings had an average price per square foot of $143.00 versus $81.14 for Middletown. This is a 70% differential. The sampling of Amherst buildings showed a narrower margin of $128.00 per square foot versus Northampton’s $143.00.  This is an 11% margin. These cumulative numbers are only based on this sample and not the total building base.
Building	Assessed Value	Square Footage	Price per Square Foot
Northampton, MA:
Pleasant Street	$527,000	3300	$160.00
Main Street	$4.3 Million	50,000	$86.00
Main Street	$1.4 Million	7500	$186.00
Pleasant Street	$1.4 Million	11,000	$127.00
Main Street	$515,000	5,000	$103.00
Main Street	$1.3 Million	6500	$200.00
Pleasant Street	$1.4 Million	10,000	$140.00
			Average Price: $143.00
Middletown, Ct.
Main Street	$870,000	12,000	$72.00
Main Street	$665,000	15,000	$44.00
Main Street	$1.9 Million	13,000	$146.00
Main Street	$1.2 Million	31,000	$38.70
Main Street	$1.6 Million	20,000	$80.00
Main Street	$517,000	21,000	$25.00
			Average Price: $81.14
Amherst, MA
Main Street	$370,000	3200	$112.00
Main Street	$1.1 Million	5500	$200.00
South Pleasant	$1.9 Million	28,000	$68.00
Main Street	$525,000	4500	$116.00
North Pleasant	$650,000	4200	$154.76
Main Street	$800,000	6000	$133.00
South Pleasant	$1.3 Million	12,000	$166.66
Main Street	$450,000	4,000	$75.00
			Average Price: $128.00
Reference Notes: + Properties are listed by street only.  + Depending on each city, assessed value or appraised value is cited. + Recent sales are rare but are cited if they happened. + Basement space is  not included in the square footage category or in the Price Per Square Foot calculation. +Middletown, Ct. was chosen as a comparable city because it has similar population, slightly lower median incomes and is home to Wesleyan University and Middlesex Community College.  + The buildings selected for this list are all mixed use buildings with retail and residential and some Class B office. + No Class A office buildings are on this list.