Fairfield market is losing momentum.Despite a strong second quarter of leasing activity, the 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 Rostenberg-Doern 1995 Midyear Corporate Real Estate Report. Absorption, which is the net increase or decrease in occupied office space, was a negative 245,775 square feet for the past six months. The countywide vacancy rate at midyear was 17.5 percent, up from 17.2 percent six months ago. Construction activity at midyear totaled 416,000 square feet, unchanged from the end of 1994. Downtown Stamford Downtown Stamford, Connecticut is an economically thriving section of Stamford, Connecticut with major retail establishments, a shopping mall and the headquarters of major corporations, as well as other retail businesses and offices. , the county's business hub and largest office market, reported absorption of 26,544 square feet, while the city's vacancy rate fell slightly to 17.2 percent, down from 17.5 percent at the end of 1994. Among the bright spots in Fairfield County was the Merritt 7 Corporate Park in Norwalk, where Olin Corp. moved its headquarters from Stamford to 174,000 square feet of space. In another important transaction, Elizabeth Arden Elizabeth Arden (December 31, 1878 - October 19, 1966) was a Canadian businesswoman who built a cosmetics empire in the United States. Arden was born Florence Nightingale Graham in Woodbridge, Ontario, where she lived until she was twenty-four years old. renewed for nearly 48,000 square feet of space at First Stamford Place. The eastern half of Fairfield County, which includes the office markets in Shelton, Trumbull and Wilton, was hurt by sublets and move-outs during the first quarter of the year. Absorption for the first half was a negative 304,997 square feet and the vacancy rate rose from 18 percent at year's end to 20.8 percent. Meanwhile, the Greenwich-Norwalk market continued to tighten up Verb 1. tighten up - restrict; "Tighten the rules"; "stiffen the regulations" constrain, stiffen, tighten confine, limit, throttle, trammel, restrain, restrict, bound - place limits on (extent or access); "restrict the use of this parking lot"; "limit the , as the vacancy rate fell to 11.6 percent, down from 12.3 percent at year-end 1994. "Although the midyear results are somewhat disappointing, they are not indicative of the overall trend in Fairfield County, which is one of continued growth and stability. The countywide vacancy rate is at a record low, and some markets, such as Greenwich and Norwalk are faring very well," said Gerard P. Hallock, senior vice president of Rostenberg-Doern Company, Inc. "It is doubtful that 1995 will equal the unusually strong pace of 1994, when more than 2 million square feet of space was absorbed. However, there are several transactions which should close by year's end which could help make 1995 a respectable year," Hallock added. The survey of Fairfield County's four market areas showed: In the Fairfield County Central Business District, a second-quarter rebound helped to offset several major downsizings earlier in the year, leaving downtown Stamford with a midyear absorption of 26,544 square feet and a vacancy rate of 17.2 percent, down from 17.5 percent six months ago. The city's largest transaction was Elizabeth Arden's renewal for almost 48,000 square feet at First Stamford Place. Major Deals: Appleton & Lange, Computer Specialties, Elizabeth Arden, FocusVision, ISSC ISSC International Ship Security Certificate ISSC Interstate Shellfish Sanitation Conference ISSC International Social Sciences Council ISSC Integrated Systems Solutions Corporation ISSC Information Systems Steering Committee ISSC Information Systems Sub-Committee , IPC (1) (InterProcess Communication) The exchange of data between one program and another either within the same computer or over a network. It implies a protocol that guarantees a response to a request. , Metromedia International, Pimco Advisors, Pru Securities, Swiss Bank, TAM Communications, TSG TSG The Smoking Gun (web site) TSG Technology Services Group (UK) TSG Technical Specification Group TSG Timing Signal Generator TSG Technical Support Group TSG Tumor Suppressor Gene TSG ThermoSalinoGraph Capital Group, United Distillers, The Wheatley Group and WTA WTA Washington Trails Association WTA Women's Tennis Association WTA World Transhumanist Association WTA Willingness to Accept WTA Winner-Take-All WTA Winner Takes All WTA World Toilet Association (Singapore) Tour. Fairfield County East After posting a record absorption in 1994, the office market in the Shelton-Trumbull-Westport area stumbled in the first half of 1995. Absorption was a negative 304,997 square feet and the vacancy rate rose from 18 percent at year-end to 20.8 percent. This market was hurt by a jump in sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. space from companies such as Deloitte & Touche, Shawrout, Value Behavioral Health and Aetna. Major Deals: Anton Bauer, Greenwich Financial, Investment Services Inc., Physicians Health Services health services Managed care The benefits covered under a health contract and Ryan Companies. Fairfield County West Midyear absorption for the Greenwich-Norwalk-Darien office market totaled 63,332 square feet, while the vacancy rate dropped to 11.6 percent, down from 12.3 percent at the end of 1994. The Norwalk market reported the region's largest deal Olin Corp.'s relocation from Stamford to Merritt 7 Corporate Park. Norwalk also got a boost from the corporate relocation of Virgin Atlantic Airways from New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Major Deals: Act Radio, AT&T, Clarion Marketing, Commodity Specialty, JD Edwards, Numetrix, Olin Corp., Reed Exhibition, Reeves Holdings, USGI USGI United States Government Issue , Virgin Atlantic Airways, Willard & Shullman and Winklevoss Consulting. Fairfield County North The big news in the county's northern office market was Duracell's construction of a 310,000 square-foot headquarters facility in Bethel. Duracell, which is expected to move into the new space by the end of the year, will be vacating large blocks of space it now occupies on Berkshire Boulevard. This market had a negative absorption of 30,654 square feet for the first half of the year. The midyear vacancy rate was 26.6 percent, down from 28.3 percent at year-end 1994. Prestone Products lease for nearly 29,000 square feet at Carbide Corporate Center in Danbury was this market's biggest transaction. Major Deals: GE Capital, Maplecrest Software and Prestone Products. More than 400 multi-tenant Class A and B buildings in Fairfield County were surveyed. Government-owned and -occupied buildings, owner-occupied buildings, medical office buildings and buildings under 20,000 square feet were excluded. |
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