Fairfield sees record growth; Westchester poised to benefit.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 Research Services Group of Cushman & Wakefield of Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). , Inc. The group has issued its year-end market report, which confirmed that the region is well-positioned to benefit from the 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 Metropolitan area's continued economic expansion expected in 1999. Fairfield County The Fairfield County real estate market recorded another impressive year of growth, however, activity slowed toward the end of the year. This was due to a number of factors, including the slowing economy, lack of available space and labor shortages A Labor shortage is an economic condition in which there are insufficient qualified candidates (employees) to fill the market-place demands for employment at any price. This condition is sometimes referred to by Economists as "an insufficiency in the labor force. . "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 in Fairfield County continued to decline to record levels during the year, with the overall vacancy rate reaching 9.7 percent at year end," said Donald P. Eisen, executive managing director of the New York area for Cushman & Wakefield, Inc. "Despite the absence of significant new construction completions and low vacancies, the market continued to absorb space. In fact, this is the seventh straight year that Fairfield County recorded positive net absorption." While the demand for space in the downtown area of Stamford's Central Business District (CBD (Component Based Development) Building applications with components (objects). See component software. CBD - component based development ) remains strong, the options are limited. Since 1996, the vacancy rate in the CBD has remained below 10 percent, with a year-end overall vacancy rate of 7.6 percent. There was a negative net absorption of 10,292 square feet, which was due to the fact that the amount of occupied space was essentially unchanged. In addition, landlords with available space benefitted from the rising rental rates in the Stamford CBD, which increased by $2.30 per square foot, resting at $29.16 per square foot. The Fairfield County Non-CBD absorbed a significant amount of space during the year. As a result, the overall vacancy rate declined 1.2 percent during the past year to 10.4 percent. In addition, the market witnessed declining vacancies, rising rental rates and a high level of leasing activity. "This was mostly due to the fact that the area has more available inventory," Eisen said. Fairfield County's investment market remained healthy in 1998, however, activity slowed during the second half due to the debt problems in emerging markets and the liquidity crisis which prompted the near collapse of Greenwich-based Long Term Capital. "The outlook for the investment market in 1999 is improved, and most industry experts anticipate that the investment market will return to the level of activity it reached in early 1998," Eisen said. Westchester County In 1998, the Westchester County commercial real estate market experienced a strong first quarter, followed by three unstable unstable, adj 1. not firm or fixed in one place; likely to move. 2. capable of undergoing spontaneous change. A nuclide in an unstable state is called radioactive. An atom in an unstable state is called excited. quarters, due to a number of large institutions which sold or vacated buildings during the year, adding a significant amount of space to the market. For example, during the second quarter, 333 Westchester Avenue, the former Kraft facility in White Plains, was sold, and the entire 600,000 square-foot property is now available for lease. This resulted in a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net absorption of negative 516,752 square feet in Westchester County. "Despite the fluctuations in Westchester County's commercial real estate market during 1998, the region is well-positioned to benefit from the continuing economic expansion in New York State," Eisen said. "Westchester County's highly skilled labor pool, coupled with its close proximity to 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. , will contribute to the area's growth in 1999. The White Plains Central Business District, in particular, will experience an increase in leasing activity during the next two years." Westchester County's vacancy rate increased by 2.7 percent, reaching 17.6 percent, largely due to several large blocks of space becoming available. Currently, more than 44 percent, or 2,413,691 square feet of the total overall available space, is in eight buildings. Leasing activity, which totaled 2.2 million square feet, was comparatively strong in 1998. Activity was fueled by a mix of small leases and expansions. In addition, the demand for space by mid-size users remains strong, in turn, influencing the rise in rental rates. The overall average asking rental rate for the county increased by $1.46 per square foot, reaching $25.57 per square foot. The investment market in Westchester County remained strong in 1998, although the level of activity slowed during the second half of the year. Activity, however, is expected to revive To renew. For example, revival is the act of renewing the legal force of a contract or debt, either by acknowledging it or by giving a new promise, when the contract or debt is no longer a sufficient foundation for a lawsuit because it is barred by the running of the Statute . REITs will focus on strategic asset purchases in the region, and corporate investors Noun 1. corporate investor - a company that invests in (acquires control of) other companies company - an institution created to conduct business; "he only invests in large well-established companies"; "he started the company in his garage" will continue to influence the investment market in 1999. |
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