Norwalk, CT March 14, 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 16th semi-annual version of its Silhouette Study. The full-size poster tracks changes in office space vacancies from year-end 2016 to year-end 2017 in larger, primarily multi-tenanted Class A office buildings in Greenwich, Stamford and Norwalk. The unique study uses comparative building silhouettes to illustrate the give-back or absorption of space, as well as overall vacancy statistics for the selected buildings in the respective municipalities.
Of the 24 buildings surveyed in Greenwich, the vacancy rate decreased from 22.7% to 20.8% (primarily due to Greenwich Hospital taking 55,000 square feet at 500 West Putnam Avenue); the 32 buildings surveyed in Stamford yielded a vacancy rate increase from 30.7% to 35.3% (primarily due to Charter Communications’ 333,000 square feet of space coming to market at 400 Atlantic Street; Charter will be relocating to 406 Washington Boulevard in Stamford); and for the 20 selected buildings in Norwalk, the vacancy rate increased from 25.8% to 27.8% (about 1/3 of the buildings added at least 10,000 square feet of available space).
John Hannigan, Principal of Choyce Peterson, stated, “The uptick in the Stamford and Norwalk vacancy rates provides tenants with a wider range of buildings/spaces to choose from. As an example, over the past few years, buildings along Tresser Boulevard in Stamford have had limited availabilities, and now offer more choices. In Norwalk, buildings such as 383 Main Avenue and 20 Glover Avenue are now offering additional available spaces.”
Adam Cognetta, Vice President at Choyce Peterson continued, “Thematically,we still see a number of larger blocks of space available which weigh negatively on vacancy figures. Ultimately, the result is a net give back of space in the lower part of the County. That said, there continues to be a good amount of leasing activity and related opportunity, for new and existing users requiring 5,000 – 15,000 square feet; a size range for businesses which has typically been the lifeblood of this market.”
To order a copy of Choyce Peterson’s comparative Silhouette Poster, please call 203-356-9600 or email firstname.lastname@example.org.
About Choyce Peterson
Choyce Peterson, Inc., a commercial real estate brokerage and consulting firm which specializes in tenant representation, was founded in 1997 and has offices in Norwalk, CT and Rye Brook, NY. For companies located in Fairfield and Westchester counties, 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.