Market Trends

With late October seeing record numbers of daily new cases of COVID-19, it is probably too early to tell how the pandemic will play out and what its impact will be on local economies. Westport’s residential real estate market experienced significant early gains. Commercial real estate has not yet seen a boost. Any increase in demand for local commercial space could be offset by decreases resulting from the struggles of some businesses during the pandemic and increases in working from home.

While Choyce Peterson reported a decrease in vacancy in Westport’s largest office buildings over the first half of 2020 (see article p5), vacancy across the whole Westport commercial market has gone the other way. It had been increasing for two quarters (Q4 2019 and Q1 2020) before COVID was con- sidered a factor. Vacancies accelerated in the 2nd and 3rd quarters of 2020, including availabilities at 1200 Post Rd E, 55 Post Road W, 191 Post Road W, and 38 Main St. Vacancy in late October 2020 was at a 10-year high of 10.4%. (All data for this article is from CoStar, commercial real estate database).