As we begin the New Year, we are still plodding along the bottom of the office space market in the Lower Fairfield County region. Attractive rental rates, generous amounts of free rent and large tenant improvement allowance continue to exist in today’s market, although on a building-by-building basis.

In Norwalk, the following eight buildings offer tenants who are renewing and/or relocating a wide variety of choices:

• Merritt 7: This 6 building complex consisting of 101, 201, 301, 401, 501, and 601 Merritt 7 now has 324,000sf available on a sublease or direct basis, with available suites ranging in size from 1,500sf to 50,000sf.

Due to a change in their on-site management and brokerage teams, this complex is ready to roll-out an aggressive marketing package in 2012.

Amenities in this complex include an on-site cafeteria, fitness center, conference center, concierge, newsstand, barber shop, car detailing, dry cleaners, ATM banking, dual fiber loops and a shuttle to the South Norwalk train station.

• 535 Connecticut Avenue: This 173,000sf building was recently sold. With a new ownership/management/leasing team in place and an extensive renovation of much of the common area completed, this building will be offering very attractive rental rates to new tenants. With a fitness center, cafeteria, building conference room, and concierge all on-site (which is unusual for a building of this size to have this many amenities), we expect this building will now aggressively compete with other Norwalk buildings.

• 383 Main Avenue: This 255,00sf building has 53,000sf of available space with units ranging in size from 2,000sf to 31,000sf. This building competes directly with the Merritt 7 complex and promotes its on-site concierge, cafeteria, fitness center, and covered parking.

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 some markets and on a building-by-building basis, with fewer incentives available as we move through 2012.

Posted in: commercial building amenities, commercial real estate, commercial real estate market