Commercial real estate situation in Connecticut improves

The commercial real estate situation in Connecticut is progressing.

The commercial real estate situation in Connecticut has continued to rise, and many think that this will continue as the year goes on, according to a recent report.

The Farmington Bank/ODMD Commercial Real Estate Index for the second quarter showed that the current conditions reading increased to 19.7 during the quarter, which was an improvement from the first quarter's 17.8. In addition, the future expectations index improved from the first quarter's statistic of 21.6 to its current figure of 24.3.

"The fact that the 'future expectations' component is now outpacing readings on the current commercial real estate picture is seen as a bullish sign for the local market," Peter Gioia, vice president of the Connecticut Business and Industry Association, told The New London Day.

Property management companies may be thrilled with the news, as not only did the report show that the index is at its highest level since it was created two years ago, but this is also despite the fact that many are not happy about the state's economy. Fewer than 20 percent of respondents noted that they felt the Nutmeg State's economy was strong.

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