Continued growth in Fairfield County commercial market.The commercial real estate market in Fairfield County Fairfield County is the name of three counties in the United States:
prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Research Services Group at Cushman & Wakefield of Connecticut in Stamford, CT. The firm's third quarter market reports for Fairfield and Westchester counties showed a significant rise in leasing activity as compared to the third quarter last year. Fairfield County Declining vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates, strong leasing activity, positive absorption and rising rental rates defined the Fairfield County office market during the third quarter. "Fairfield County's expansion is continuing, although at a slightly slower pace than last quarter," said Donald P. Eisen, executive managing director, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of area. "Economic indicators Economic indicators The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. for the region remain positive, despite the volatile financial markets." The overall vacancy rate rose 0.2 percent over last quarter, resting at 9.8 percent. This increase is due to new sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. space coming on the market. This includes approximately 180,000 square feet at Harbor Plaza in Stamford, which was made available by NatWest during the third quarter. Year-to-date leasing activity reached 2,688,530 square feet, as compared with 2,371,612 at the end of the third quarter last year. "Fairfield County continues to attract tenants who are drawn by its close proximity to Manhattan as well as a pool of highly skilled labor,' Eisen said. "This activity has contributed to rising rental rates, particularly for the dwindling dwin·dle v. dwin·dled, dwin·dling, dwin·dles v.intr. To become gradually less until little remains. v.tr. To cause to dwindle. See Synonyms at decrease. supply of Class A facilities, forcing some firms to consider Class B locations." The Fairfield County average rental rate reached $22.30, versus $21.05 at the same time last year. Central Fairfield County, the Stamford central business district and Greenwich, in particular, had the highest rents, reaching $29.39, $28.80 and $33.39 per square foot, respectively. Due to the health of the market, Fairfield County continued to attract investors during the third quarter. Mack-Cali Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corporation purchased a 150,400 square-foot building at 40 Richards Avenue in Norwalk, and Reckson Realty acquired the 325,000 square-foot Stamford Towers in Stamford. Westchester County The overall Westchester County real estate market improved somewhat from mid-year. The direct vacancy rate dropped slightly from 14.1 percent to 13.9 percent, and year-to-date net absorption increased from negative 412,759 square feet to negative 365,444 square feet. "The amount of available space and the net absorption levels continue to fluctuate, primarily due to corporate users' decisions to buy, sell, lease or relinquish space," Eisen explained. "For example, when Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. Brothers Realty purchased 333 Westchester Avenue, the former Kraft facility in White Plains, the 600,000 square-foot building became available for lease." Despite the negative net absorption, rental rates remained virtually unchanged. The highest rental rates in Westchester County are in the White Plains non-central business district and the eastern submarkets, which are at $28.20 and $27.12 per square foot, respectively. Leasing activity also exceeded the 1997 level by more than 300,000 square feet, resting at 1,745,192 square feet. The central Westchester County submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. led all submarkets with a 60 percent increase in square feet leased year-to-date. This activity included a 66,082 square-foot lease by Westcon, Inc. |
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