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2017 Downtown Florence Economic Indicators
End of year Downtown Florence Economic Indicators for 2017, prepared by the city’s Economic Development Director Terry Masterson, are available on the tabs below. View a copy of the full press release (PDF).
- Stores by Category
- Retail Activity Totals
- Attendance Data
- Key Local Revenues
- Retail and Office Rents
- Building Sales and Values
- List of Development Projects
Inventory by Business Category | ||
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Overview: There are 62 retail businesses in Downtown Florence compared with approximately 74 stores in Amherst, 82 in Easthampton and 232 in Downtown Northampton. The Amherst and Easthampton figures are based on a walk through of both downtowns as there is no publicly listed inventory. The boundaries of Downtown Florence are: Downtown Boundaries: North: North Maple Street and High Street West: North Main Street and Cosmian Avenue South: Maple Street and West Center Street East: Main Street and Plymouth Avenue | ||
TOTAL | 62 | 100% |
Eating Establishments | 7 | 11.3% |
Tea and Coffee | 1 | 1.6% |
Dessert and Sweet Shop | 2 | 3.2% |
Bars | 1 | 1.6% |
Brew Pub | 1 | 1.6% |
Liquor | 1 | 1.6% |
Food Markets | 2 | 3.2% |
TOTAL Food and Beverage: | 15 | 24.4% |
Clothing | 3 | 4.8% |
Specialty/Unique/Gift | 1 | 1.6% |
Music Records | 1 | 1.6% |
Hair Salons/Barbers | 5 | 8.0% |
Jewelry | 1 | 1.6% |
Bookstores | 1 | 1.6% |
FIRE - (Finance, Insurance & Real Estate) | 9 | 14.5% |
Auto Service | 3 | 4.8% |
Fitness or Yoga | 1 | 1.6% |
Health/Wellness | 4 | 6.4% |
Antique | 3 | 4.8% |
Flowers | 1 | 1.6% |
Hardware | 2 | 3.2% |
Dry Cleaners | 1 | 1.6% |
Photographers | 2 | 3.2% |
Printing | 1 | 1.6% |
Bicycles | 2 | 3.2% |
Miscellaneous | 6 | 9.7% |
Total | 47 | 75.6% |
Retail Activity:
|
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Retail Activity Totals: 2017 |
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Category | 2017 |
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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: |
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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 |
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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 |
Northampton Attendance and Visitorship FiguresOne Time and Return VisitorshipThis 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. |
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Attendance Grand Totals: 1.6 Million | |
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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
The Clarion Hotel Conference Center with 122 rooms closed in December, 2015.
Calendar Year | Revenue | Change | Percent | Total Hotel 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 |
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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 |
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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.
Florence Rent Analysis
Retail Rent Ranges
A recent sample of 4 retail stores researched in February, 2018 revealed the following:
Size Sq. Ft. | Rent Per Sq. Ft. | Annual Cost | Monthly Cost |
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1500 | $16.30 | $24,450 | $2,037.00 |
1200 | $16.00 | $19,200 | $1600,00 |
1800 | $12.00 | $21,600 | $1800.00 |
800 | $22.00 | $17,600 | $1466.00 |
The rents listed above include taxes, maintenance, building insurance water and sewer fees. In all these examples, the base rent comprised 40% to 45% of the total figure.
Office and Mill Building Rent Ranges
Address | Sq. Ftge. | Asking Rent | Background |
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Downtown Listing: | |||
40 Main Street | 1800 | $15.50 | Downtown Mill Building - Office/Retail Tenants |
34 North Maple St. | Up to 52,500 | $6.00 - $10.00 | "Florence Studios" - Former Indust Building |
Outside of Downtown: | |||
320 Riverside Drive | 2000 | $16.00 | "Cutlery" Office Building - Former Mill Building - |
660 Riverside Drive | 2500 | $9.60 | Light Industrial Space/ Office |
20 Ladd Avenue | 14,000 | $3.50 | 2 Story Industrial - Yankee Hill Machine Bldg |
Office and Mill Buildings in Downtown Florence
Downtown Florence possesses 9 buildings totaling 103,000 square feet of floor space. These buildings are varied in property type from newly built space such as 100 Main Street. 6 and 8 Main Street were built in the early 2000's and are an attractive pair of 2400 square foot brick buildings. 10 and 40 Main Street are former Mill Buildings converted to office and health professional space.
Address | Square Footage | Description |
---|---|---|
6 Main Street | 2,600 | Northampton Co-Op Bank - |
8 Main Street | 2,800 | Street Light Financial |
10 Main Street | 17,450 | Former Mill Bldg. - Health Care Services |
40 Main Street | 16,000 | Former Mill Bldg. - Health Care Services |
41 Main Street | 6,000 | Florence Dental Care - Medical Professional Space |
70 Main Street | 18,250 | Valley Medical Group - Medical Professional Space |
85 Main Street | 22,000 | Florence Savings Bank HQ - Class A Office |
100 Main Street | 7,400 | Class A Office - Constructed 2015 |
28 North Maple Street | 10,600 | Former light industrial building - Multi Tenant Retail/Office Tenants |
Total Square Feet: | 103,100 |
Building Values in Florence | ||||
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Address | Type | Sq. Ftge. | AV* | Last Sale |
6 Main Street and | Class A | 2660 | ||
8 Main Street ( Located on same Lot) | Class A | 2303 (5964 Total) | $993K | $1.25M in 2004 |
100 Main Street - 2 Story 2015 Construction | Class A | 7300 | $840K | New Building |
10 Main Street - 3 Story Former Mill Building | Office | 18,000 | $2.4M | $400K in 1992 |
41 Main Street - Medical Professional Building | Office | 5600 | $571K | N/A |
35 Main Street - 1965 2 Story Retail & Office | Mixed | 6800 | $924K | N/A |
* AV = Assessed Value as listed with Northampton Assessor's Office |
Retail Rent Analysis:
Source of data: Real estate web sites listed above.
Retail Asking Rent Comparison | ||||
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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. |
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Address | Sq. Ft. | Prior Sale or TRV* | Sale | PPSF* |
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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 |
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Summary:
| |||
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. |
List of Development Projects
Project | Value | Size Square Feet (FT) | Description |
---|---|---|---|
Totals: 19 Projects | $138.3M | 740,000 | |
Year: 2018 ( As of 2-18) | |||
1 Atwood Drive | $14M | 60,000 SF | Class A Office |
Check Writers HQ | $4M | 46,000 SF | Class A Office - Fmr. Clark School Campus |
33 Hawley Street | $6.7M | 25,000 SF | Arts/Culture Center |
"Live 155" Pleasant St. | $14M | 58,000 SF | 70 Apartments - 47 Afford 23 Market |
Lumber Yard Pleasant St. | $19.4M | 45,000 SF | 55 Units - Mixed Income |
Service Net HQ | $4.1M | 17,600 SF | Centralized Offices - HQ Human Service Agency |
Year: 2017 | |||
Round Hill Summit | $4.8M | 45,000 SF | 41 Apartments - Fmr. Clark School Buildings |
Columns @ Rockwell Place | $6.5M | 26,000 SF | 25 Condo Units - Fmr. State Hospital Campus |
Year: 2016 | |||
Christopher Heights | $8M | 56,000 SF | 83 Units Sr. Assisted Living |
Upper Ridge Fords Crossing | $10M | 60,000 SF | 28 Condo Units - Fmr. State Hospital Campus |
Violette's Crossing | $7.5M | 34,000 SF | 25 Units Sr. Independent Living |
ClickSpace 9.5 Market St. | $1.6M | 9,000 SF | Micro and Shared Work Space -Downtown NHT |
100 Main Street | $1.2M | 7,000 SF | Office 2 Story Downtown Florence MA |
U Mass Credit Union | $2M | 4,000 SF | Client Service Center |
Year: 2013-2015 | |||
Atwood Drive Business Park | $12M | 80,000 SF | (2) Class A Office Buildings 40,000 each |
Fairfield Inn | $9M | 55,000 SF | Marriott Hotel - 108 Rooms |
Northampton Crossing | $5M | 45,000 | Medical Office - Former Supermarket |
Cosenzi Auto Group | $6M | 40,000 | Former R&D Facility to Auto Dealership 4 Acres |
Kia Dealership | $2.5M | 25,000 | Auto Retail - 2 Acres |