Choyce Peterson Publishes Year-End 2019 Lower Fairfield County Office Space Availability Poster
Norwalk, CT - Choyce Peterson, Inc. (www.choycepeterson.com), a commercial real estate brokerage firm which specializes in representing tenants, announced the release of the 20th semi-annual version of its Silhouette Study. The full-size poster tracks changes in office space availabilities from year-end 2018 to year-end 2019 in larger, primarily multi-tenanted Class A office buildings in Greenwich, Stamford, Norwalk and Westport. The unique study uses comparative building silhouettes to illustrate the absorption and giveback of space, as well as overall availability statistics for the selected buildings in the respective municipalities.
The following information refers to the poster’s “availability rate” at YE 2019 vs. YE 2018:
· Stamford experienced a significant decrease to 30.2% (down from 35.7%), as World Wrestling Entertainment leased 415,000 square feet at the former UBS building 677 Washington Boulevard, and Charter Communications’ 341,614 square foot availability was removed from the market at 400 Atlantic Street
· Norwalk increased to 34.6% (up from 27.8%) primarily due to Diageo’s announcement that they are vacating 290,000 square feet at 801 Main Avenue
· Greenwich increased to 18.1% (up from 14%), as six buildings added large blocks of available space
· Westport is the strongest of the four submarkets at 15.9% (down from 18.5%)
“It continues to be a tenant’s market” stated John P. Hannigan, a principal at Choyce Peterson. “With a significant amount of space available in a wide variety of buildings owned by many different landlords, companies have the leverage to orchestrate a competition for their renewal or relocation.” Hannigan sites two examples: in Stamford there is 791,732 square feet available in 9 buildings (owned by five different landlords) along Tresser Boulevard within a mile of the train station, and 1.3 million square feet available in 17 buildings (owned by six different landlords) along 2.3 miles of Route 7 in Norwalk and Wilton. “We continue to negotiate extremely favorable financial terms for our clients that include free rent, competitive rental rates and landlord funded construction dollars for the buildout of their space.”
Adam Cognetta, vice president at Choyce Peterson continued, “We’re witnessing the continued shifting of area tenants – both geographically and in terms of how they utilize space. The core small-to-midsized businesses that have long served as the bedrock of the Fairfield County business community are willing to pay up for quality, transit-oriented office space. Concurrently, the way these tenants are using the space they occupy is changing. We’re seeing trends of increased seating density, a partial reversion to more hard-walled rooms (i.e. break-out meetings, swing offices, etc.) and utilization of more communal spaces both within a tenant’s leased office and common areas within their building.”
To order a copy of Choyce Peterson’s comparative Silhouette Poster, please call 203-356-9600 or email info@choycepeterson.com.
About Choyce Peterson
Choyce Peterson, Inc., a full service commercial real estate brokerage and consulting firm which specializes in tenant representation, was founded in 1997 and has offices in Norwalk, CT and Rye Brook, NY. For companies located in Fairfield and Westchester counties, Choyce Peterson has negotiated millions of square feet of leasing transactions locally and in 42 states and Canada. The Choyce Peterson process delivers comprehensive and creative real estate solutions to ensure clients derive maximum value from their real estate decisions.
Choyce Peterson, Inc.
Choyce Peterson, Inc.
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