The tenant‑representation firm compiles a detailed, floor‑by‑floor review of nearly 80 prominent office buildings in Stamford, Greenwich, and Norwalk every six months. The company, headquartered in Norwalk, also publishes a separate study each spring and fall focused on eastern Fairfield County.
These graphics help contextualize an overall regional vacancy rate that leaves roughly one in every four square feet of office space sitting idle. That figure is heavily influenced by large, empty properties such as the former UBS headquarters in Stamford and Norden Park in Norwalk.
“Take those buildings out of the equation — as many will not lease to tenants less than 40,000 square feet — then we have a healthy market,” said principal John Hannigan. “When large empty buildings become populated with a few tenants, it generates a vibrancy that creates momentum for other tenants to occupy those buildings …which in turn puts some downward pressure on pricing in competing buildings.”
In Stamford, much of Charter Communications’ headquarters at 400 Atlantic St. has been listed for lease as the company prepares for construction of a new office next to the Stamford Transportation Center. Additional space became available across multiple floors at the Stamford Plaza complex — 263 Tresser Blvd., 301 Tresser Blvd., and 107 Elm St. — over a six‑month period. These changes pushed Stamford’s vacancy rate up one percentage point to 35 percent at the end of 2017. Norwalk closed the year at 28 percent vacancy, while Greenwich posted 21 percent.
Greenwich saw significant movement in two major buildings. Nearly 75,000 square feet at Pickwick Plaza on Mason Street was leased by Interactive Brokers and other tenants. Greenwich Hospital also secured more than 50,000 square feet at 500 West Putnam Ave., contributing to the town’s overall decline in available space.
In Norwalk, the entire building at 45 Glover Ave. in The Towers complex is now vacant following the departure of Xerox, Aon, and Bridgewater Associates.
Looking ahead, Hannigan expects strong leasing activity in early 2018 at 200 Elm St. in Stamford, which has already attracted major tenants including Henkel and Tudor Investment. He emphasized that the broader lower Fairfield County office market remains fundamentally sound.
“There are a reasonable number of companies looking for space in this market — several companies are expanding (and) they are trying to upgrade their space as well,” Hannigan said. “Many landlords have been doing a good job of putting money into upgrades at their buildings, so now you see common areas such as lobbies and cafeterias that are more inviting and vibrant.”
