Fairfield tightens, while Westchester County holds steady.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 first quarter market report issued by Cushman & Wakefield of Connecticut's Research Services Group. As in the other 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 suburban markets, both Fairfield and Westchester County are well positioned to continue to benefit from the region's healthy economy. Fairfield County The Fairfield County office market continued to show some signs of growth, with several submarkets benefitting from record low vacancy rates and increasing rental rates, according to Kenneth M. Krasnow, director of business development and brokerage services for Cushman & Wakefield, Inc. "In general, the region is experiencing a lack of available space, and this is translating into rising rental rates," Krasnow confirmed. "However, as a result of the hiccup hiccup or hiccough, involuntary spasmodic contraction of the diaphragm followed by a sharp intake of air, which is abruptly stopped by a sudden, involuntary closing of the glottis (opening between the vocal cords); the consequent blocking of air of the financial markets late last year, there is little or no financing available for speculative construction. This is causing owners to reconsider secondary space for possible redevelopment opportunities." The overall vacancy rate for Fairfield County was 9.5 percent versus 10.5 percent one year ago. Within the county's submarkets, several experienced record low vacancies, including the Stamford Central Business District, which recorded an overall vacancy rate of 5.6 percent; Greenwich, which reached an overall vacancy rate of 6.2 percent; and Central Fairfield County, where the overall vacancy rate dropped to 4.7 percent. "The increased demand in some submarkets also resulted in higher rental rates," Krasnow added. The direct average asking rental rate for the Greenwich market Greenwich Market is a covered market in Greenwich, south east London, which specialises in antiques, arts, and crafts. reached $36.09 per square foot versus $29.82 per square foot one year ago. Other submarkets that showed higher rental rates included the Stamford Non-CBD, South Central, Central, Eastern and the Greater Danbury Greater Danbury, also known as the Housatonic Valley Region, is a region in the state of Connecticut centered on the city of Danbury. It consists of the city of Danbury and adjacent towns in the areas around the Housatonic River and the Still River. area. "The first quarter is traditionally quiet, with many companies taking a 'wait-and-see' attitude about their real estate requirements," Krasnow explained. "However, with several markets showing increased activity, and others holding steady from year-end 1998, overall, Fairfield County is well-positioned for a healthy year." Westchester County While the overall vacancy rate in Westchester County rose to 18.7 percent versus 14.2 percent during the first quarter of 1998, leasing activity and average asking rental rates were also up. Although these trends appear to be a dichotomy di·chot·o·my n. pl. di·chot·o·mies 1. Division into two usually contradictory parts or opinions: "the dichotomy of the one and the many" Louis Auchincloss. , they reflect the nature of Westchester County's office market. "Westchester County has traditionally been a market of corporate headquarters, and during the last two years, several of these large campuses have been vacated due to corporate moves or consolidations," Krasnow explained. "As a result, the market appears to be skewed skewed curve of a usually unimodal distribution with one tail drawn out more than the other and the median will lie above or below the mean. skewed Epidemiology adjective Referring to an asymmetrical distribution of a population or of data , with higher vacancy rates and lower absorption rates. However, the reality is that Westchester remains one of the tri-state area's most desirable addresses for firms that need large blocks of space and 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. , as well as access to the region's highly skilled labor pool." According to Krasnow, the large corporate properties are beginning to attract a significant amount of attention from mid-sized and small tenants who are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. beautiful campus settings as well as a comparable location. "The challenge is to turn these single-user properties, which often feature large floorplates, into multi-user environments," Krasnow explained. "In some cases, that takes a significant investment from an owner, who may need to replace building operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , elevators or wiring to accommodate the technology needs of tenants." One example of a property that is being repositioned as a multi-user complex is 333 Westchester Avenue in White Plains, NY, which was purchased by 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 last year. "They are investing significant capital into this beautiful campus, and we are seeing an incredible amount of activity at the property," Krasnow said. Cushman & Wakefield is exclusive leasing agent for the 600,000 square-foot campus. "Despite its unique characteristics, Westchester County is a great place to do business," Krasnow added. "And as the other suburban markets continue to tighten, more and more tenants are likely to consider Westchester County." |
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