The commercial real estate market in Fairfield County continues to drift in the doldrums as many companies remain wary about hiring more staff and financial services firms, the bedrock of the area economy, grapple with the uncertain investment market.
Fairfield County's overall leasing activity for the first half of 2012 totaled 857,069 square feet, a 23.9 percent decrease from the 1.13 million square feet leased in the first half of 2011, according to the Stamford office of commercial real estate brokerage firm Cushman & Wakefield.
The 2012 year-to-date leasing activity represents the second-slowest half-year period in the last 10 years, well below the 1.4-million-square-foot average for mid-year periods over the last decade, said Jim Fagan, senior managing director of the Stamford office.
Class-A leasing activity for the second quarter was 390,165 square feet, an increase from the 250,734 recorded last quarter, but a 41.2 percent decrease from 2Q-11's leasing activity.
"In theory, quite a few 10-year transactions that were signed in 2003 should have been up for renewal this year," Fagan said. "With the difficult economy over the last few years, however, a number of early renewals and blend-and-extend transactions have taken some of the vitality out of leasing activity this year."
Landlords are offering inducements to retain and attract credit-worthy tenants, said John Hannigan, principal in Stamford-based Choyce Peterson, a firm that represents companies in their search for rental space and interaction with landlords.
"The good news is many landlords are ready to reach for a deal," he said. "Executives and business owners are cautiously optimistic, but they're carefully thinking through their space needs. I don't see any dramatic changes over the next six months."
At 20.9 percent, the Fairfield County Class-A vacancy rate is consistent with both the first quarter (21 percent) and second quarter of 2011 (21.1 percent).
A significant portion of this vacancy is tied up in a few large buildings, whose owners want to land primarily large users, Fagan said.
"As an example, 695 E. Main St., accounts for almost 9.7 percent of the Stamford CBD's Class-A vacancy," he said.
Although the Class-A overall vacancy rate in the Stamford central business district market decreased slightly from last quarter, it had the largest year-over-year increase, rising 3.2 percentage points from 2Q-11 to 26.2 percent. Large blocks of sublease space were added to the market in the second half of 2011 -- UBS's 110,346 square feet at 400 Atlantic St., and 45,000 square feet at 201 Tresser Boulevard, and Legg Mason's 53,028-square-foot sublease at 100 Stamford Place.
The Stamford non-CBD submarket had the largest year-over-year decrease in Class-A vacancy, going from 29.6 percent in 2Q-11 to 26.6 percent, largely due to the NBC Sports' 100,000-square-foot lease at 1 Blachley Road in 2011.
The Greenwich Class-A vacancy rate increased by 1.8 percentage points from last quarter's 19.6 percent. There was a total of 46,190 square feet of direct space added to the Greenwich submarket this quarter. Asking rent in Greenwich grew from $55.78 per square feet in 2Q-11 to $68.66.
The Fairfield County Class-A direct average asking rental rates grew from $35.64 at 2Q-11 to $38.77.
There were four only new leases signed this quarter above 20,000 square feet -- Freepoint Commodities' 59,000-square-foot lease at 58 Commerce Road in Stamford; Millward Brown's 50,778-square-foot lease at 401 Merritt 7 in Norwalk; GE Capital Real Estate's 49,500-square-foot expansion at 901 Main Ave., in Norwalk; and Tronox Ltd.'s 27,145-square-foot lease at 263 Tresser Boulevard in Stamford.
There was a significant amount of renewal activity this quarter in the Fairfield County market, "a true indication of a down market," according to Fagan.
"When you move, it costs money. When you're in a space for 10 years, chances are it needs a facelift," he said, but it's a company's least expensive option.
Renewals included GE Capital's 66,124-square-foot renewal at 83 Wooster Heights Road in Danbury; Bridgewater Associates' 32,072-square-foot renewal at 355 Riverside Avenue in Westport; Verition Fund Management's 26,642-square-foot renewal at 1 American Lane in Greenwich; and RSM McGladry's 25,620-square-foot renewal at 850 Canal St. in Stamford.
"Companies that have a confident, long-term view of their businesses growth potential are taking advantage of market conditions to secure better economic packages in exchange for longer lease commitments," Fagan said.
Employment increased by 1,000 jobs between March and May, but is still more than 20,000 jobs or 5 percent below the pre-recession peak, according to Cushman & Wakefield.
Businesses are uncertain about the national political environment and global financial conditions and holding back hiring, resulting in a rising vacancy rate, Fagan said.
Robert Ageloff, international director and head of Jones Lang LaSalle's Stamford office, echoed Fagan's comments.
"With the backdrop of a national economy that continues to fall into a pattern of one step forward, two steps back, and even more volatility in the financial markets and neighboring Manhattan, Fairfield County lacks traction for economic growth," he said. "The local economy continues to struggle, but the lack of positive response to the intermittent surges in recovery mean that there has not been any buildup in expectations for a strong rebound."
There were three significant transactions (20,000 square feet and above) last quarter, including 6 Armstrong Road in Shelton, sold by Fusco Management Co. for $8.2 million to Marcus Partners; 75 Holly Hill Lane in Greenwich, sold by Core Plus Properties for $19.3 million to ClearRock Properties; and the acquisition of 100 W. Putnam Ave., in Greenwich by Torchlight Investors through an agreement with building lenders.
The medical building at 309 Stillson Road in Fairfield has been sold for an undisclosed sum.The two-story, 4,925-square-foot free-standing building was constructed in 1978 and is located in the center of the town’s Black Rock Turnpike commercial district. Bridgeport Hospital’s Fairfield Urgent Center occupies the property’s first floor and the second floor will be taken over by its new owner, Dr. Vinay Madan, who plans to expand to expand his Wilton-based Center for Varicose Veins practice with a new branch at the site.
NORWALK, Conn. /CitizenWire/ -- Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage and consulting firm, announced they are exclusively representing a 13,990 square foot office suite available for sublease in the MerrittView building at 383 Main Avenue in Norwalk, CT. Choyce Peterson Principal John Hannigan, Vice President Adam Cognetta, and Vice President Charlene O'Connell comprise the brokerage team
Business Brief, The Advocate - Choyce Peterson Inc., a commercial real estate brokerage and consulting firm, has announced it has created a new comparative version of its "silhouette study" to graphically illustrate changes in available office space in the Stamford, Greenwich and Norwalk Class A markets during the past six months. Originally distributed in mid-year 2010, the third study uses comparative graphics for the first time to show changes in the commercial real estate market from December 2010 to June 2011.
Pentegra Retirement Services, a leading provider of retirement products and services, has renewed its existing lease and expanded into a total 34,677 square feet at 108 Corporate Park Drive in White Plains, NY.
A global prepared-foods company is staying in Stamford, moving its headquarters from a West Broad Street building to the Landmark Square complex..
A long-vacant office building that once was an icon in the Stamford central business district seems finally on the verge of having a new owner.
The administration of Gov. Dannel Malloy has begun some key initiatives to stimulate the state's economy and encourage business growth, but some members of a panel gathered by a Connecticut business association questioned whether it is enough.
Metropolitan Life Insurance Co., through a subsidiary the new owner of one of Norwalk's Class A office complexes, is emphasizing the building's amenities to help lure new occupants after acquiring it in a foreclosure.
The statistics may slightly vary, but the message is still the same -- Fairfield County's commercial real estate market continues to languish, though there are some reasons for optimism.
Human Relations firm OperationsInc will be leaving its offices on High Ridge Road and moving the business to Norwalk.
OperationsInc, a human resources outsourcing firm, has been growing. Because of that, its founder, David Lewis, knew he had to find a new home, but never thought that he would be so fortunate to sign a lease for the Class A office space in Norwalk where his burgeoning firm expects to move in early August.
The commercial real estate market in Fairfield County continues to drift in the doldrums as many companies remain wary about hiring more staff and financial services firms, the bedrock of the area economy, grapple with the uncertain investment market.
As Fairfield County's office market limps along for another quarter with a vacancy rate at more than 20 percent, one sprawling vacant complex in Stamford stands out as a property that commercial real estate brokers point to as a key reason.
A Greenwich address has always been a sought-after prize for many companies, and the manager of a long-established office park in town expects to capitalize on it after launching a $10 million capital improvement program at the 425,000-square-foot complex.
It has always been thought that as the economy improves, companies would hire more staff and office buildings in Fairfield County would start to fill up.
By Richard Lee, Staff Writer, The Advocate - Whether it's a well-groomed head of hair or a manicured lawn, appearance is an undeniable factor in making a good impression.
By Richard Lee, Staff Writer, The Advocate - Vacancy levels of Class A office buildings in much of Fairfield County remain at more than 20 percent, forcing corporate landlords to go to extra lengths to retain their tenants and lure others from their competition.
Companies have advertised their products and services on billboards along America's roadsides for as long as people can remember, and they have proudly posted their names atop their headquarters buildings, but now placing a corporate name on a building where a company is renting space can be a key factor when negotiating a lease with a landlord.
By: Richard Lee - Shrewd office-building owners try to get ahead of the competition in luring tenants.
As the economy slowly improves, more commercial real estate executives are looking to develop assets and deploy capital in secondary markets to generate returns, and the Stamford market is providing opportunities.
With a tight corridor in Norwalk the hottest pocket of commercial real estate in Fairfield County, a few blocks in downtown Stamford could soon inherit that mantle as the UBS building comes into play.
With a tight corridor in Norwalk the hottest pocket of commercial real estate in Fairfield County, a few blocks in downtown Stamford could soon inherit that mantle as the UBS building comes intoÂ play.
The number of empty offices in Fairfield County has declined slightly, according to one brokerage - the first time they've seen that trend in several years.
Banks lending to developers in Fairfield and Westchester Counties report that business has been steady for the past 12 to 18 months, thanks to low interest and capitalization rates.
Larger companies are paying more attention than ever to the wellness of their employees, including considerations for air quality and light according to John Hannigan, principle of Norwalk-based Choyce Peterson which focuses on tenant representation in commercial real estate.
The future of retail, restaurants, and shopping for the area were the main topics of conversation today at a "Fairfield Real Estate Outlook" seminar sponsored by the law firm of Halloran & Sage and hosted by the Westport-Weston and Greater Norwalk Chambers of Commerce. Attorney Eric Bernheim moderated the panel discussion.
The development of the Harbor Point mixed-use complex in Stamford's South End reflects the growth of the city's residential base in recent years.
In early 2013, 9 W. Broad St. on the edge of downtown Stamford languished as an empty and neglected property. Today, it hums with activity as some 400 workers stream in and out of a refurbished nine-story structure. Stamford and other communities in southwestern Connecticut still grapple with office vacancy rates hovering above 20 percent. But the revitalization of 9 W. Broad St. and the turnaround of similar buildings show how property owners' capital investments and the draw of central locations can make corporate hubs attractive to tenants in a challenging market. "There is a little reticence in the market to being that first tenant in, so the owner has to prove themselves," said, principal ofÂ in Norwalk, a firm that represents tenants in commercial real estate transactions.
In Greenwich, expect one of Connecticut's most prestigious office buildings to fill again in a hurry after a recent, rare availability there; and possibly a slower go of it in Stamford to backfill the emptying offices of a former Fortuen 500 company. In Shelton earlier this year, backhoes erased an office building years after its previous occupant moved employees to Danbury. In the latter city, the future of one of the state's largest office complexes, which is undergoing foreclosure, is anyone's guess.
Ask anyone who lives or works in Stamford, and the top pick for a commercial building face-lift to benefit downtown rolls easily off the tongue. Pose the question in Bridgeport, and several properties are offered up as candidates.
In the second half of last year, Greenwich and Norwalk registered declines in the vacancy rates in major office buildings within their markets, according to a new study, while Stamford saw a slight increase.
It was a tale of two Connecticut office buildings in the past month, with a former Royal Bank of Scotland building achieving nearly full occupancy with a pair of new leases, and Stamford's mammoth UBS building finally landing an initial tenant after the Swiss bank's move across the street into what is now RBS' main office in Connecticut.
Weeks after selling off the massive Matrix Corporate Center in Danbury, the estate of a Long Island developer found a Greenwich buyer for a smaller office building on Connecticut Avenue in Norwalk.
By Alexander Soule- - Weeks after selling off the massive Matrix Corporate Center in Danbury, the estate of a Long Island developer found a Greenwich buyer for a smaller office building on Connecticut Avenue in Norwalk.
Stamford Advocate May 19, 2019 By Alexander Soule - Developers, towns take a look at land use rules to shape area's future.
Choyce Peterson, Inc. has released the 19thÂ semi-annual version of its Silhouette Study. The full-size poster tracks changes in office space availabilities from year-end 2018 to mid-year 2019 in larger, primarily multi-tenanted class A office buildings in Greenwich, Stamford and Norwalk. The unique study uses comparative building silhouettes to illustrate the absorption of space, as well as overall availability statistics for the selected buildings in the respective municipalities.
OperationsInc, which helps employers establish human resources policies and training programs, is moving its headquarters.
Charlene S. O'Connell has joined the brokerage team as vice president after nearly four years spearheading the firm's marketing and operations. O'Connell brings with her 15 years of experience in banking and will be responsible for generating real estate solutions for companies in both Fairfield and Westchester counties.
Choyce Peterson announced the successful completion of lease negotiations to renew the 8,200-square-foot headquarters for Keep America Beautiful at 1010 Washington Blvd. in Stamford, CT. Choyce Peterson Principal John Hannigan and Vice President Adam Cognetta represented Keep America Beautiful in the transaction.
The community improvement nonprofit's renewal included a below-market rental rate and structured periodic free rent, as well as landlord-funded upgrades and improvements. Choyce Peterson Inc. principal John Hannigan and Vice President Adam Cognetta conducted the lease renewal negotiation with Larry Kwiat, senior vice president of leasing at leasing at SL Green Realty, who was the in-house representative of the landlord.
During the day, Adam Cognetta is vice president of Choyce Peterson, Inc. (www.choycepeterson.com), a full service commercial real estate brokerage and consulting firm with a specialty in representing both office and healthcare tenants. But when he's not in the office or on the road, Cognetta is a champion of cancer-fighting causes. Just last month, he served on the Executive Committee for the American Cancer Society's Comedy Against Cancer event in Stamford, CT, which raised net donations of more than $350,000.
Stamford, CT Choyce Peterson, Inc. has completed lease negotiations to renew the 8,200 s/f headquarters for Keep America Beautiful at 1010 Washington Blvd. Choyce Peterson principal John Hannigan and vice president Adam Cognetta represented Keep America Beautiful in the transaction. The landlord was represented in-house by Larry Kwiat, senior vice president of leasing, at SL Green Realty Corp.
John Hannigan is not only the co-founder and principal of Choyce Peterson, Inc. (www.choycepeterson.com), a full service commercial real estate brokerage and consulting firm, he is also a committed volunteer with the Saint Joseph Parenting Center (SJPC). Hanngian's leadership was recently recognized at SJPC's annual benefit dinner where Hannigan and his wife, Joan, received the Catherine A. Klie award which is given to volunteers who exemplify the characteristics of the founder of the original Saint Joseph Parenting Center in Akron, OH. They are passionate about making a difference in the world of child abuse prevention. They are willing to give of their time in support of programs that work towards breaking the cycle of child abuse and neglect, and they understand the importance of working with parents in an effort to protect the children.
NORWALK, Conn., Dec. 19, 2019 - Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage and consulting firm with a specialty in tenant representation, announced the successful completion of lease negotiations for the 5,221-square-foot ExecuNet headquarters at 295 Westport Ave. in Norwalk, CT. Choyce Peterson Principal John Hannigan represented ExecuNet in the transaction.
Choyce Peterson announced the successful completion of lease negotiations for the 5,221-square-foot ExecuNet headquarters at 295 Westport Ave. in Norwalk, CT. Choyce Peterson Principal John Hannigan represented ExecuNet in the transaction.
Choyce Peterson to Represent 4,508 SF Free-Standing Building owned by Urstadt Biddle Properties (NYSE: UBP) in Stamford, CTChoyce Peterson to Represent 4,508 SF Free-Standing Building owned by Urstadt Biddle Properties (NYSE: UBP) in Stamford, CT
Urstadt Biddle Properties has named Choyce Peterson Inc. as the exclusive listing agent for its mixed-use property at 559-627 Newfield Ave. in Stamford.
Choyce Peterson Negotiates 12,333 Square-Foot Transaction
Human resources outsourcing and consulting firm OperationsInc is relocating its Norwalk headquarters from 535 Connecticut Ave. to 383 Main Ave.
Shelton, CT Choyce Peterson, Inc., a commercial real estate brokerage and consulting firm which specializes in representing tenants, has completed the lease negotiations for Sperry Rail Inc., one of the largest providers of Rail Health services in the world, having inspected over 12 million miles of track to date. Sperry is leasing 41,417 s/f at 5 and 9 Research Dr. Choyce Peterson principal John Hannigan represented Sperry.
Choyce Peterson announced lease for Sperry Rail Inc., the largest provider of Rail Health services in the world, at 5 and 9 Research Drive, Shelton, CT.
NORWALK, Conn., Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage and consulting firm, announced that The Field Group Commercial Real Estate (TFG) has appointed Choyce Peterson, Inc. as the exclusive listing agent representing TFG's free-standing building at 2009 Summer Street in Stamford, CT. This 17,900 square foot office / medical building has several suites available that can be tailored for small to mid-size tenants seeking space at a great value in Downtown Stamford. The Choyce Peterson agency team is made up of Vice President Adam Cognetta and Associate Casey McKnight.
The full-size poster tracks changes in office space availabilities from Year-End 2019 to Mid-Year 2020 in larger, primarily multi-tenanted Class A office buildings in Greenwich, Stamford, Norwalk, and Westport. The unique study illustrates the absorption and give back of space, as well as overall availability statistics.
Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage and consulting firm announced that they are exclusively representing an 8,200 square foot office suite available for sublease at 1010 Washington Boulevard in Stamford, CT.
Choyce Peterson, Inc. (www.choycepeterson.com), a full-service commercial real estate brokerage and consulting firm, recently announced the successful leasing of a 4,508 square foot free-standing building at 623 Newfield Avenue in Stamford.
The company, which specializes in bottom-up stock selection with a European market focus, was founded in 2000 and was previously based at 35 Mason St. in Greenwich. It employs 12 employees and maintains a research office in Amsterdam, The Netherlands.
The full-size poster depicts silhouettes of 96 buildings with a total inventory of 18.2 million square feet and tracks changes in office space availability from Year-End 2019 to Year-End 2020 in larger, primarily multi-tenanted Class A office buildings in Stamford, Norwalk, Greenwich, and Westport. The unique study illustrates the absorption and give back of direct and sublease space, as well as overall availability statistics.
When Stephen Scott, CEO of KWPP, was ready to expand his Stamford-based residential real estate business into the Westport area, he called Cognetta, with whom he and his brokerage team had an existing professional relationship. Scott explained that he was seeking a building with excellent visibility that could offer a flexible working space.
This well-situated office space is located in a multi-building office park that is conveniently located 0.2 miles off Exit 11 of I-95, 0.7 miles to the Darien Train Station, and just a half mile from downtown Darien.
This well-situated office space is located in a multi-building office park that is conveniently located 0.2 miles off Exit 11 of I-95, 0.7 miles to the Darien Train Station, and just a half mile from downtown Darien. Recent renovations complement the executive layout of this suite with 25 offices, of which 12 are in corners, as well as workstation areas. In addition, there is a large conference room, a spacious kitchen, built-in rolling files, private bathrooms and, if requested, furniture.
Blair & Potts partners Rob Buckingham Jr. and Bob DeVellis engaged Choyce Peterson Vice President Adam Cognetta and Principal John Hannigan before their lease expired at Four Stamford Plaza to explore other options. Following what Choyce Peterson described as a wide search of available space in the city, it was ultimately decided to take 6,169 square feet at a newly built office suite at Two Stamford Plaza
When evaluating lease options for their space in Darien, CFO of APTMetrics, Martin Kelly reached out to Cognetta and Hannigan for consultation. Cognetta and the Choyce Peterson team had led APTMetrics through multiple previous real estate transactions, including their existing HQ renewal in Darien and satellite office locations in Virginia, Georgia, and Illinois. Kelly explained that he was seeking to relocate their Fairfield County headquarters office further north in the county to better align with the location needs of the on-site team and financial objectives of the business. Additionally, he wanted a high-quality building with access to 1-95 and the Merritt Pkwy, a custom build-out, and a landlord who would be receptive to their office-space needs.
The commercial real estate brokerage firm’s 23rd semi-annual “Lower Fairfield County Office Space Availability Poster” tracks 96 buildings with a total inventory of 18.2 million square feet. Those properties are primarily multi-tenanted Class A office buildings in Stamford, Norwalk, Greenwich, and Westport.The report shows a 1.9 percentage point increase in total availability during the first half of 2021, from 27.8% at year-end 2020 to 31.7% at mid-year 2021. Of the 361,923 square feet increase in total availability, 88% is due to new sublease space added to the market.
Renaissance Capital is relocating its headquarters in Greenwich to a 2,931-square-foot office at First Stamford Place in Stamford.Choyce Peterson Principal John Hannigan and Associate Casey McKnight represented Renaissance Capital, which provides pre-IPO institutional research and management of IPO-focused investment products, in the transaction.
Choyce Peterson Inc. in Norwalk, a full-service commercial real estate bro- kerage firm, announced it is the exclusive firm for seven properties totaling approx- imately 160,000 square feet in Stamford and Norwalk. Firm Vice President Adam