Commercial Real Estate Market in New London, CT
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
120 active listings and 930 off-market properties in New London, CT. Commercial property asks $151/SF to buy and $15.76/SF/Yr to lease.
Market Trends
New London, CT spans 5.6 square miles. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in New London, CT runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Vacancy Rate % in Northeast region
Retail
Retail vacancy in New London, CT runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in New London, CT runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily vacancy in New London, CT runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Vacancy Rate % in Northeast region
Market overview
Demographics & Economy
New London, CT has 27,398 residents in 12,528 households. Density runs 4,855 people per square mile. Median household income here is $60,224 and median gross rent $1,304 a month.
27,398
Population
12,528
Households
2.2
Avg Household Size
34
Median Age
29%
College-Educated
88%
High-School Grad
5.6 sq mi
ZIP Area
4,855
Density / Sq Mi
$60,224
Median Household Income
$34,932
Median Earnings
$1,304
Median Rent
$234,800
Median Home Value
Tools
Lease vs Buy Breakeven
At $15.76/SF/Yr lease vs $151/SF buy → buying wins if held > 1.3 years.
At a 10.5% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Waterford | — | $15.35 |
| Groton | — | $23.25 |
| Mystic | — | — |
Commercial property in New London, CT asks $151/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in New London?
Commercial property in New London, CT asks an average of $151 per square foot. The 5 most recent recorded sales traded at a median of $134/SF, so asking sits 13% above the achieved median.
How much does it cost to lease commercial space in New London?
Asking lease rates in New London, CT average $15.76 per square foot per year.
Is it cheaper to lease or buy commercial space in New London?
Buying beats leasing in New London, CT if the property is held longer than 1.3 years, comparing $15.76/SF/Yr asking rent with $151/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
Where does Realmo's New London market data come from?
Realmo compiles New London, CT figures from 7 recent recorded sales, 59 active sale listings, 61 active lease listings, 930 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 59 active for-sale and 61 active for-lease listings in New London, CT. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Northeast region level, retail vacancy is reported at Northeast region level and industrial vacancy is reported at Northeast region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · How Realmo checks market page data · Report a data issue
