Fairfield market lacking momentum, says C&W report.Cushman & Wakefield (C&W) has released second-quarter 2004 statistics for Fairfield County Fairfield County is the name of three counties in the United States:
"Notwithstanding the rather unimpressive statistical activity, there appears to be quite a bit of activity in the transactional pipeline," said Jim Fagan, senior managing director and head of Cushman & Wakefield's Fairfield and Westchester County and Long Island offices. "Real estate transactions take a long time to complete. While the statistical numbers are important, the manner in which you interpret those numbers and the trends that are identified provide a more accurate picture." At the end of the quarter, overall absorption was negative 180,343 square feet (sf), increasing the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. overall net absorption total to negative 450,738 sf. Leasing velocity slowed in the second quarter, registering only 544,079 sf leased versus 895,847 sf leased in the first quarter. Despite the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in leasing activity, the market improved significantly from one year ago. The overall 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. rate in the county dropped from 20.3% at the same time last year to 18.4% currently. The absence of large tenants in the market was one of the main causes of the decrease in leasing activity in the second quarter. Diageo North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Paloma Partners signed leases in the first quarter that combined for over 380,000 sf. In contrast, the two largest leases in the second quarter were signed by divisions of GE, one in Norwalk at 401 Main Street for 30,074 sf and the other at One Corporate Drive in Shelton for 29,000 sf. However, despite the absence of large transactions, a number of major transactions are in various stages of contemplation Contemplation Compleat Angler, The Izaak Walton’s classic treatise on the Contemplative Man’s Recreation. [Br. Lit.: The Compleat Angler] Thinker, The sculpture by Rodin, depicting contemplative man. or completion. The Fairfield County economic environment continued to improve during the second quarter as the job market improved. The unemployment rate in Fairfield County reflects the improving job market, decreasing from 5.2% in July 2003 to its current level of 4.1%. "The Fairfield County economic environment has continued to improve and the subsequent local creation of jobs and increased business capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. will translate into more real estate office-space activity," Fagan added. "At present, the market seems to be quite active, this just hasn't yet been reflected in the numbers." The 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. with the most leasing activity in the second quarter was the Stamford Non-CBD with 115,103 sf, more than four times the amount in the second quarter 2003. XL America, Templeton Qualitative Advisors and Cardiology cardiology Medical specialty dealing with heart diseases and disorders. It began with the 1749 publication by Jean Baptiste de Sénac of contemporary knowledge of the heart. Diagnostic methods improved in the 19th century, and in 1905 the electrocardiograph was invented. Associates of Fairfield County combined for over 50,000 sf of leasing activity. Despite the improved activity, the Stamford Non-CBD registered negative absorption of 21,212 sf. Direct office rental rates changed little relative to year-end 2003 and the first quarter 2004. Direct asking rents in the county averaged $27.38 per square foot (psf), ranging from $44.70 psf in Greenwich to $19.07 psf in Bridgeport. Significant investment sales activity was limited in Fairfield County over the first half of the year. Investor demand remained strong and additional sales are expected to occur in the second half of the year. Investment activity was highlighted by R.D. Scinto's $15.3 million purchase of 2 Trap Falls Road The following roads are called Falls Road:
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion