Attractive rental rates, generous amounts of free rent and large tenant improvement allowances continue to exist in today’s market, although on a building-by-building basis. The area of Greenwich with the most availability for tenants is the western portion, which lies at the border of Westchester County along the West Putnam Avenue corridor.

Eleven buildings located in this area of Greenwich will see leasing activity in 2012:

• 777 W. Putnam Avenue: An extensive renovation of the building was completed in 2011 consisting of new mechanicals/HVAC, roof, lobby, elevator cabs, common bathrooms, and landscaping. With over 79,000sf still available, this 130,000sf building with amenities such as a concierge, shuttle to train, food service and covered parking is poised for continued leasing activity.

• Greenwich Office Park: This 9 building complex consisting of 425,720sf has 102,085sf available on a sublease and direct basis. Suites vary in size from 2,200sf to 13,000sf. The complex has an on-site fitness center and cafeteria, and offers a shuttle to the train station.

• 500 West Putnam Avenue: This 115,000sf building is offering two large blocks of space, mainly 19,335sf and 20,617sf. We would expect the landlord would subdivide the space into smaller units.

Buildings within a half mile of the Greenwich train station enjoy a lower vacancy rate than the balance of the market and was the first market segment to tighten.

The first half of 2012 remains an excellent time for tenants who are searching for new office space or negotiating renewals to secure attractive short and long-term lease positions offering flexibility via expansion, contraction, renewal and cancellation options. We predict, however, a tightening in this market on a building-by-building basis, with fewer incentives available as we move through 2012.

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