choycepeterson.com | Choyce Tips: Local Market Hovering Along the Bottom

"John’s experience was a great source of information for us. He gave us a sense of the going rental rates for other buildings in the area and helped us to understand and avoid the pitfalls of doing a deal like this."

- John Martin, C.E.O. of Martin Rosner Eleftherion -

"Not only did Jeff know the market, he had a very good network of people he could call on to make things happen. We were able to have a signed lease in 12 calendar days – even though both our CEO and the landlord were out of the country."

- William Latimer, Managing Director for O'Shaughnessy Asset Management -

"We were very particular about our requirements and John put in a lot of effort to ensure that we weren’t wasting our time touring offices that would not measure up to our standards."

- Mark McCall, Chief Financial Officer for Lime Rock Partners -

"My father had worked with John Hannigan several years ago and was very pleased. The firm is a class act, and we were happy to call on them again."

- John Martin, C.E.O. of Martin Rosner Eleftherion -

"We looked at quite a few satisfactory locations, and they did a great job of helping us narrow down our options; the new space is exactly what we were looking for."

- Kurt Strumpf, Chief Operating Officer for eNR Services -

"I give Choyce Peterson high marks for negotiating with a high degree of integrity in the best interests of the tenants they represent."

- Paul D’Amico, Chief Operating Officer for Triple Point Technology -

"In the midst of a complex negotiation with a landlord, I realized I was into a process that required more expertise than I had in my skillset,"

- Kathleen Shelton-Smith, Chairman, Renaissance Capital Corp. -

"Choyce Peterson says they provide clients with experience, integrity, effort and intelligence, and they certainly do, but I’d add another bullet. They work in partnership with the client."

- Roger Berman, Principal of Bloom & Streit -

"John Hannigan guided us through all the negotiations with the landlord and nudged us, as needed, to keep things moving along. I was confident he was on top of all the details, so I could concentrate on the core aspects of our insurance business."

- John Martin, C.E.O. of Martin Rosner Eleftherion -

"It was a pleasure to work with John and Steve again. Due to our long term partnership, they played a crucial role in assessing our needs and requirements for our new office space."

- Jim Bretschneider, Managing Director of Columbus IT Partner USA -

"This is the third time Choyce Peterson has helped us secure space to accommodate our rapid expansion. Their experience makes them very knowledgeable about the available space and we’re confident we can rely on their judgment and focus our attention on growing our business."

- Kurt Strumpf, Chief Operating Officer for eNR Services -

"Jeff was always there for us, whether it was to negotiate the lease terms, deal with issues with the architect and builder or address issues with the landlord. He was a great person to have on our team."

- Peter C. Kosche of Olin Corporation -

"I was pleased with the amount of effort and information Alan and John were able to gather, enabling us to explore all of the possibilities and make sure we were taking the right space for the right price."

- Paul D’Amico, Chief Operating Officer for Triple Point Technology -

"John put in a lot of effort for us, which is obvious in the results – we realized quite substantial savings with this new lease package."

- John Martin, C.E.O. of Martin Rosner Eleftherion -

"Our Choyce Peterson Principal, is of great importance to me because he knows our business as well as his."

- Cynthia Poggiogalle, Senior Manager, Worldwide Real Estate of Pepsi Beverages Company -

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“Space is Money” provides an ongoing journal of our trials and tribulations as a commercial real estate broker and consultant. It offers useful observations to others in our industry and business organizations in general....

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Choyce Tips: February 2010: Local Market Hovering Along the Bottom

(For access to full html version, please click here.) Unlike New York City, Choyce Peterson believes the Fairfield/Westchester office space market has hit bottom. For the past 18 months, this regional market has offered high vacancy rates and low rents; however, the tide is turning. Leasing activity and competition are increasing – especially in Greenwich.

The Greenwich market has become the first to tighten, and the effect could ripple out to adjacent regions. While tenants in the Fairfield/Westchester marketplace continue to enjoy significant advantages, generous offers of free rent, below-market rental rates and large tenant improvement allowances will gradually lessen as 2010 progresses. Tenants should keep a sharp eye on activity in their respective markets to determine whether they “go Greenwich!”

For example, we have recently been representing three clients searching for office space in Greenwich. Each one delayed reaching a decision for a matter of weeks, and meanwhile, short-listed opportunities vanished or became bogged down by serious bidding competition.

One of these firms received a proposal for space in August. After resuming negotiations in December, the landlord proposed a higher base rent, with less free rent and a lower tenant improvement allowance than their August offer. This kind of negotiating reversal in our region has been unprecedented for almost two years!

Here at Choyce Peterson, we are suggesting our clients hasten the renewal or search process and avoid waiting until the last minute to seek new space. The ability to wait out unfavorable negotiations is rapidly diminishing, and today’s fantastic opportunities will only remain available for a limited time.