Norwalk, CT October 30, 2018
Choyce Peterson, Inc. (www.choycepeterson.com),a commercial real estate brokerage and consulting firm which specializes in representing tenants, announced the release of the 6th Edition of its semi-annual Eastern Fairfield County Silhouette Study. The full-size poster tracks changes in office space availabilities at the close of Q3 2018 vs. Q1 2018 in larger, primarily multi-tenanted, Class A office buildings in Shelton,Trumbull, Westport, and Wilton. The unique study uses comparative building silhouettes to illustrate the give-back or absorption of space, as well as overall availability statistics for the selected buildings in the respective municipalities.
From Q1 to Q3 in 2018, the availability rate changed per the following: Shelton decreased from 7.6% in Q1to 6% in Q3; Trumbull experienced a sharp decline from 49.6% in Q1 to 39.1% in Q3; Westport increased from 13.6% in Q1 to 16.1% in Q3; and Wilton incurred a large ncrease from 25.1% in Q1 to 32.4% in Q3.
John Hannigan, Principal of Choyce Peterson, stated “As a demonstration of how tight the Shelton market has become, of the 19 buildings surveyed only 4 have suites of 10,000 sf or more available. In Trumbull, the 1st Quarter 2018 availability rate of 49.6% decreased to 39.1% in the 3rd Quarter of 2018 due to the vacant 252,000 sf 48 Monroe Turnpike being removed from the 3rd Quarter poster, as that building was sold and is now slated for residential redevelopment.”
Adam Cognetta, Vice President of Choyce Peterson, added, “The Westport Class A office market continues to fill up. Of the 20 buildings included in our study more than half have no space available direct with the Landlord while only 4 buildings can accommodate a tenant larger than 10,000sf. Wilton has seen the relocation of some larger tenants as evidenced by a 3.7% increase in availability year over year. The trend of further tenant attrition is echoed by 111,145sf of sublease space,representing 6.6% of the total space surveyed.”
Since 2010, Choyce Peterson has also published a companion Lower Fairfield County Office Availability Poster,which similarly tracks office availability in Greenwich, Stamford, and Norwalk.Choyce Peterson remains the first and only real estate firm to publish reports of this kind, as they have been received with widespread interest throughout Fairfield County.
To order a copy of Choyce Peterson’s comparative silhouette study, please call 203-356-9600 or email firstname.lastname@example.org.
About Choyce Peterson
Choyce Peterson, Inc., is a full service commercial real estate brokerage and consulting firm founded in 1997, with offices in Norwalk,CT and Rye Brook, NY. Choyce Peterson has negotiated millions of square feet of leasing transactions locally and in 42 states and Canada. The Choyce Peterson process delivers comprehensive and creative real estate solutions to ensure clients derive maximum value from their real estate decisions.