Fairfield vacancy rates reach five-year low.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. statistics released by commercial real estate services firm Cushman & Wakefield. The decrease in vacancy rates, the lowest since the fourth quarter of 2001 when levels stood at 16.5%, was mainly attributed to the growth of a number of large tenants expanding within Fairfield County, coupled with several small to midsize financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies relocating from Manhattan. "There is significant opportunity in Fairfield County for large tenants in the market for space," said Jim Fagan, senior managing director and head of Cushman & Wakefield's Fairfield County, Westchester County and Long Island offices. "With more and more local companies poised for growth, and with the tightening of the Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan market, we expect to see a number of new leases transacted during the course of the year that will bring vacancy rates to even lower levels." The overall vacancy rate in Fairfield County fell by 1.3 percentage points since the first quarter of 2005. The biggest decrease in overall available space was in the Danbury market, where vacancy levels that have stood in the double digits Double Digits was a pricing game on the American television game show, The Price Is Right. Played from April 20, 1973 through May 18, 1973's show, it was played for a car and used small prizes. since 2002 reached a five-year low of 15.6%. This large decline of supply was fueled by the latest of several expansions by pharmaceutical firm Boehringer Ingelheim at 39 Old Ridgebury Road. The company increased its occupancy by nearly 100,000 s/f, bringing its total occupancy to more than 300,000 s/f. Overall leasing activity remained stable in Fairfield County in the first quarter, totaling approximately 784,000 s/f, slightly ahead of last year's number of 701,226 s/f. This upturn is mainly attributed to the absorption of large blocks of 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, which included RBS RBS Royal Bank of Scotland RBS Role Based Security RBS Rollback Segment RBS Rare Book School (University of Virginia) RBS Rural Business Cooperative Service RBS Ribosome Binding Site (genetics) Greenwich Capital's sublease of 86,400 s/f at 695 East Main Street in Stamford. Direct absorption ended with positive 26,463 s/f, recovering from the first quarter 2005 total of 158,578 s/f. Given its low vacancy of just 5.3%, the submarket with the lowest velocity was Greenwich, representing 4.1% of all leasing activity versus 6.1% at the beginning of 2005. The investment market in Fairfield County had a relatively slow start this year with only two Class-A office building sales, the largest of which was Diamond Properties, LLC's $19 million purchase of 1351 Washington Boulevard The following roads are named Washington Boulevard:
In total, slightly over 300,000 s/f of space changed ownership this year compared to approximately 800,000 s/f at the start of 2005. Despite major relocations, such as International Paper's pending move from 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. to Memphis; MeadWestvaco Corp.'s decision to relocate its corporate headquarters to Richmond, VA; and Pernod Ricard Pernod Ricard (Euronext: RI) is a French company producing alcoholic beverages. Their most famous product, Pernod Anise (40% alcoholic volume) and Ricard Pastis, are both pastis, and often referred to as simply Ricard or Pernod. SA's upcoming move to White Plains, the Fairfield County office market will likely absorb most of the vacancy left by these companies. As conditions in midtown Manhattan continue to tighten, many companies are setting their sights on Fairfield County as an attractive alternative. An increase in tenant demand will likely influence landlords to raise asking rents. In addition, the biggest residential development in Fairfield County is being planned by Antares Investment Partners on 82 acres in the south end of downtown Stamford, which recently received a $103 million loan for pre-development costs. |
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