NewHavenBIZ

n e w h a v e n b i z . c o m | S e p t e m b e r / O c t o b e r 2 0 2 0 | n e w h a v e n B I Z 33 dustry experts. With hopes of a continued strong market for biotech tenants, New Haven's board of al- ders in July approved Carter Winstanley's plan for a $100-mil- lion biotech research building at 101 College St., to feature 500,000 square feet of labs and incubator space in a 10-story structure. Spinoffs from Yale's research efforts continue to seek incubator and lab space and demand remains high for properties in locations in downtown close to the university and Yale New Haven Hospital, Melillo said. "Space is tight; it's hard to find," he said. "ese companies want to be in New Haven proper." e expanding presence of Yale and the area's other universities to a scarcity of "clean" space and demand sparked by online retailers and grocery shoppers, Melillo said. "Businesses in the industrial sector that have survived economic downturns of the last 20 years are doing great," Melillo said. "ey've outlasted their competition." Giants like Amazon have contin- ued to lease huge industrial spaces in towns around New Haven during the pandemic and more deals are ongoing. Wallingford's planning and zoning commission approved plans for a second Amazon facility in May, seeking to add an 83,000-square- foot delivery center to its portfolio in the town that includes a sorting center on Research Parkway. e company's fulfillment center in North Haven continues to add Uncertain Environment Continued from Page 15 jobs even as another "last-mile" distribution center is planned for Danbury to provide direct delivery to customers' homes. With many consumers avoid- ing trips to the grocery store, cold-storage facilities present another opportunity for devel- opers and investors. Even before the pandemic, an additional 75 million to 100 million square feet of cold storage warehouse capacity was needed nationwide to meet the demand fueled by online grocery shoppers, according to another report by CBRE. Bullish for biotech Another industry poised to continue expanding in New Ha- ven is biotechnology, with steady demand for new space throughout the lockdown, according to in- 450 Lighthouse Road, New Haven, CT • (203) 469-9010 • AnthonysOceanView.com Not Your Ordinary Corporate Event F I N E C A T E R I N G COMMERCIAL REAL ESTATE Amazon has continued to lease space in New Haven County, including in Wallingford and North Haven. continues to stoke demand for investment across a range of com- mercial real estate properties, said Noeldechen of Marcus & Millichap. He still hopes that 2020 will be a record-breaking year for deals despite the disruption caused by the pandemic. He has seen multiple recessions in his career and major catastrophes like the credit crisis, but he remains optimistic. "It's not the end, the best is yet to come," Noeldechen said. n

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