Rockingham County, NH · Office Market Intelligence Read our complete 1031 exchange guide for MA & NH → Read our full guide to selling commercial property in New Hampshire →
Thinking About Selling Your
Rockingham County Office Building?
Before You List, Read This.
A data-driven guide to office property sales volume, pricing, and market positioning across the top Rockingham County, NH office markets — and the tax advantages that make this market unique.
Market Overview
The Rockingham County Office Market in 2026
Rockingham County offers a compelling combination that no Massachusetts market can match: proximity to the Greater Boston labor pool, no state capital gains tax, and a growing base of corporate tenants drawn by New Hampshire's favorable business climate.
Portsmouth anchors the county's office market as New Hampshire's premier commercial hub, attracting professional services, technology, and government-related office users. The I-93 corridor — running through Salem, Londonderry, and Derry — serves as the county's second major office spine, benefiting from direct highway access to Boston and a growing base of corporate tenants relocating from Massachusetts to take advantage of New Hampshire's tax environment.
MANSARD has been active in the Rockingham County market for nearly two decades. Taylor Cyrier successfully sold two Southern NH industrial buildings for $14,000,000, and the firm has deep relationships with the active buyer pool in this market — including both local investors and Massachusetts-based buyers seeking NH exposure.
— Jeremy Cyrier, CCIM, CRE | President, MANSARD
The NH Tax Advantage
Why Rockingham County Is Different from Massachusetts
For office building owners in Rockingham County, the tax landscape at the time of sale is fundamentally different — and more favorable — than it is for their Massachusetts counterparts.
| Tax Item | Rockingham County, NH | Massachusetts |
|---|---|---|
| State Capital Gains Tax | None | 5.0% (long-term) / 8.5% (short-term) |
| MA Millionaire's Surtax | Not applicable | +4.0% on income over $1,083,150 |
| State Income Tax | None on capital gains | Applies to gain |
| Interest & Dividends Tax | Repealed Jan 1, 2025 | N/A |
| Real Estate Transfer Tax | 1.5% of purchase price (split 0.75% each) | Varies by municipality |
| Federal Capital Gains | Same as MA (15% or 20% long-term) | Same as NH |
| Depreciation Recapture | Same as MA (max 25% federal) | Same as NH |
Market Cycle Intelligence
Where the NH Office Market Sits in the National Cycle
The Mueller-Chacon Real Estate Market Cycle Forecast places the Greater Boston / Southern NH office market at the beginning of the Recovery phase — ahead of the national suburban office market which remains in deep Recession.
Nationally, suburban office is at the very bottom of the market cycle — deep in Phase 4 (Recession), positions 15–16 on the Mueller model. Occupancies are forecast to decline -0.1% in Q4 2026, with effective rents declining even as asking rents hold flat.
The Greater Boston MSA — which includes the Southern NH market — is positioned at Phase 1 (Recovery), positions 1–2 on the Mueller model. The market has already passed the cycle bottom, with positive net absorption of 1.1M SF recorded in Q1 2026 — the first positive quarter since 2022.
Sales Velocity Data
Office Transaction Volume by Town, 2017–2026
Total recorded office sale price volume and average sale price per square foot across the top Rockingham County, NH office markets, 2017 through YTD 2026.
| # | Town | Total Vol | Avg $/SF | YTD 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | Vol | $/SF | ||||
| 1 | Portsmouth | $118.3M | $199 | — | — | $23.7M | $256 | $15.3M | $197 | $12.3M | $159 | $7.9M | $277 | $10.1M | $220 | $18.3M | $136 | $12.1M | $205 | $11.6M | $147 | $6.8M | $192 |
| 2 | Salem, NH | $65.4M | $243 | $4.2M | $177 | $13.0M | $100 | $4.0M | $149 | $2.5M | $1,000 | $4.4M | $129 | $5.1M | $194 | $1.6M | $268 | $17.6M | $72 | $7.3M | $223 | $5.9M | $114 |
| 3 | Londonderry | $35.6M | $264 | — | — | $24.9M | $615 | $8.0M | $113 | — | — | — | — | — | — | $2.7M | $64 | — | — | — | — | — | — |
| 4 | Exeter | $18.8M | $222 | — | — | — | — | — | — | $13.5M | $165 | $3.4M | $243 | — | — | — | — | — | — | $1.9M | $257 | — | — |
| 5 | Derry | $15.0M | $141 | $1.4M | $139 | — | — | — | — | — | — | — | — | $2.6M | $128 | — | — | — | — | $11.0M | $157 | — | — |
| 6 | Stratham | $14.4M | $460 | — | — | $2.2M | $289 | — | — | $9.3M | $905 | — | — | $3.0M | $186 | — | — | — | — | — | — | — | — |
| 7 | Plaistow | $8.9M | $282 | $1.9M | $113 | — | — | — | — | $1.6M | $687 | $4.2M | $115 | $1.2M | $214 | — | — | — | — | — | — | — | — |
| 8 | Windham | $8.9M | $122 | — | — | — | — | — | — | $1.5M | $117 | $3.2M | $196 | $1.2M | $134 | — | — | $1.9M | $76 | — | — | $1.1M | $87 |
| 9 | Hampton | $6.3M | $95 | — | — | — | — | — | — | — | — | — | — | $3.9M | $164 | — | — | $2.4M | $26 | — | — | — | — |
| 10 | Auburn | $4.3M | $143 | — | — | — | — | $4.3M | $143 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Vol = Total recorded sale price volume. $/SF = Average sale price per square foot (weighted by total SF sold). Transactions between $1M–$100M. Source: MANSARD Sales Velocity Data, 2017–YTD 2026. — indicates no qualifying transactions in that period.
Town-by-Town Analysis
Top Rockingham County Office Markets
Each market has a distinct buyer profile, pricing dynamic, and strategic opportunity. Rankings reflect total office sale price volume from 2017 through YTD 2026.
Portsmouth is Rockingham County's dominant office market, driven by its concentration of professional services, technology, and government-related tenants. The market has recorded consistent transaction activity every year from 2017 through 2025, demonstrating deep and reliable liquidity. The $23.7M in 2025 volume is the highest single-year figure for Portsmouth in the dataset.
Get a Portsmouth Property Evaluation →Salem NH sits directly on I-93 at the Massachusetts border, making it the most accessible Rockingham County market for Boston-area buyers and tenants. The town benefits from strong retail and commercial demand driven by its tax-free shopping destination status. Office buyers here are often Massachusetts-based investors seeking NH tax advantages with minimal geographic compromise.
Get a Salem NH Property Evaluation →Londonderry has emerged as one of the most active Rockingham County office markets, with $24.9M in 2025 volume alone — the highest single-year figure in the county outside of Portsmouth. The market benefits from its I-93 location and proximity to Manchester-Boston Regional Airport, attracting corporate tenants seeking a true NH headquarters location.
Get a Londonderry Property Evaluation →Exeter is a growing Seacoast office market anchored by its historic downtown and proximity to Portsmouth. The $13.5M in 2023 volume reflects strong recent buyer interest. The market attracts professional services firms and medical office users seeking a quality suburban location with strong demographics.
Get an Exeter Property Evaluation →Derry offers a lower basis relative to Salem and Londonderry while maintaining strong I-93 access. The $11.0M in 2018 volume reflects historical buyer activity. The market primarily attracts user-buyers and local private investors seeking functional office space at a value price point along the I-93 corridor.
Get a Derry Property Evaluation →Stratham commands the highest average sale price per square foot in Rockingham County at $460/SF — reflecting the premium buyers place on its Seacoast location and affluent demographics. The $9.3M in 2023 volume at $905/SF represents a standout transaction that underscores the market's premium positioning.
Get a Stratham Property Evaluation →Plaistow sits at the Massachusetts border on Route 125, making it highly accessible to both NH and MA buyers. The market has seen consistent activity across multiple years, with user-buyers and value-add investors as the primary drivers. The NH tax advantage is particularly compelling for Massachusetts buyers considering this border market.
Get a Plaistow Property Evaluation →Windham is a growing residential and commercial community adjacent to I-93, offering a lower basis relative to Salem and Londonderry. The market has recorded consistent transaction activity across multiple years, primarily driven by user-buyers seeking functional office space with strong highway access.
Get a Windham Property Evaluation →Hampton is a Seacoast community with a mix of professional services and tourism-related office demand. The market offers a lower entry point relative to Portsmouth and Exeter. The $3.9M in 2021 volume reflects pandemic-era demand for suburban office space in coastal NH communities.
Get a Hampton Property Evaluation →Auburn is a smaller I-93 corridor market offering value-oriented office space between Manchester and Salem. The $4.3M in 2024 volume represents the market's recent transaction activity. Auburn attracts user-buyers and local private investors seeking functional office space at a competitive price point.
Get an Auburn Property Evaluation →Who Is Buying
Understanding the Buyer Landscape in 2026
Rockingham County attracts a unique buyer mix that includes both local NH investors and Massachusetts-based buyers seeking the NH tax advantage.
Three Buyer Types in Rockingham County
- MA-Based Tax Buyers: Massachusetts investors seeking NH exposure to eliminate state capital gains tax. Most active in Salem, Londonderry, and Plaistow — the border markets with the easiest MA commute.
- User-Buyers: NH-based businesses purchasing to control their operations and lock in long-term cost certainty. Most active in Portsmouth, Londonderry, and Derry.
- Local Private Investors: NH-based private capital targeting value-add opportunities in smaller markets like Windham, Hampton, and Auburn.
What Buyers Are Underwriting
- After-Tax Returns: MA-based buyers underwrite the NH tax advantage explicitly — the elimination of state capital gains tax improves their net return on the investment.
- User Ownership: NH businesses want to control operations and secure long-term cost certainty in a favorable tax environment.
- Lower Basis: Investors targeting properties with a lower cost basis relative to replacement cost, where existing income supports the hold.
MANSARD Strategy
We Don't Start With a Listing.
We Start With Strategy.
MANSARD has been active in the Southern NH market for nearly two decades. We know the Rockingham County buyer pool — including the Massachusetts-based investors who are specifically looking for NH exposure. We know how to position your asset to attract them.
- Know what your Rockingham County office property is worth today
- Identify the right buyers — including MA-based tax-motivated investors
- Decide if selling, holding, or repositioning makes the most sense
- Build a strategy to maximize value before going to market
88.9% of MANSARD's recent sales closed on-time and at the client's accepted offer price. That outcome is determined before the property ever goes live.
Schedule a Pre-Sale Strategy Call
A short conversation can help you understand what your Rockingham County office property is worth, who the right buyers are, and how to approach a sale the right way.
Schedule a Pre-Sale Strategy Call Call (617) 674-2043Confidential. No obligation. No pressure.
Client Results
What Southern NH Property Owners Say
"Taylor successfully sold two of my Southern NH industrial buildings for $14,000,000. I recommend Taylor with full confidence to anyone looking to sell their industrial property."
"Jeremy did a great job with the entire process. He is very smart and great at making everything go smoothly. I would recommend MANSARD for anyone looking to sell or rent commercial property."
"MANSARD was a partner through the whole process. From the initial leasing of a temporary space to the acquisition of our own building. I like the personal touch and sense of expertise that came with working with MANSARD."
Frequently Asked Questions
Rockingham County Office Market: Common Questions
Yes. Rockingham County offers a compelling combination of no state capital gains tax, no income tax, and proximity to the Greater Boston labor market. Portsmouth leads all Rockingham County towns in consistent office transaction activity, while Londonderry and Salem NH benefit from I-93 corridor demand. Properties are trading when pricing, positioning, and strategy align.
No. New Hampshire does not impose a state-level capital gains tax on the sale of real estate, and the state's Interest and Dividends Tax was fully repealed effective January 1, 2025. Sellers in Rockingham County are only subject to federal capital gains taxes and the state's Real Estate Transfer Tax of 1.5% of the purchase price, which is typically split 0.75% each between buyer and seller. This is a significant advantage compared to Massachusetts, where sellers face a 5.0% long-term capital gains tax plus the potential 4% Millionaire's Surtax.
Portsmouth leads Rockingham County with $118 million in total office sales volume from 2017 through YTD 2026, driven by its position as New Hampshire's premier commercial hub. Londonderry is the fastest-growing office market in the county, recording $24.9M in 2025 alone — the highest single-year figure of any Rockingham County town outside Portsmouth.
The answer depends on your specific asset, its position in the local market, your financial goals, and your tax situation. The NH tax environment means that the net proceeds calculation for a Rockingham County seller is fundamentally different from a Massachusetts seller — and often more favorable. MANSARD's Pre-Sale Strategy process is specifically designed to help you answer these questions before committing to any path.
MANSARD has been active in the Southern NH market for nearly two decades. We know the active buyer pool — including the Massachusetts-based investors who are specifically looking for NH exposure to improve their after-tax returns. We understand how to position a Rockingham County asset to attract both local NH buyers and the broader Greater Boston buyer pool, and we have the track record to prove it.
MANSARD's process begins with a confidential Pre-Sale Strategy Call — no obligation, no pressure. From there, we conduct a Strategic Asset Evaluation: we evaluate your asset, its performance, and its position in the Rockingham County market. We identify the likely buyers — including MA-based tax-motivated investors — and how to position your property to create demand. This approach is why 88.9% of MANSARD's recent sales closed on-time and at the client's accepted offer price.