Vacancy falls in Fairfield County market.Fueled by major corporate expansions in 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. and the Shelton-Trumbull area, 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 Quarterly Office Market Report. Absorption for the past three months totaled nearly 590,000 square feet of space, a dramatic turnaround from the negative absorption of approximately 79,000 square feet three months ago. The county's vacancy rate, which stood at 15.7 percent at midyear, fell to 13.9 percent. Construction activity for the quarter was at 740,000 square feet, unchanged from three months ago. The Shelton-Trumbull area led the market with 371,651 square feet of space absorbed. In what was the largest corporate headquarters sale in Fairfield County in many years, Physicians Health Services health services Managed care The benefits covered under a health contract Inc. (PHS (Personal Handyphone System) A TDMA-based cellular phone system introduced in Japan in mid-1995. Operating in the 1880-1930 MHz band, PHS uses microcells that cover an area only 100 to 500 meters in diameter, resulting in lower equipment costs but requiring more base ) acquired the 327,195 square-foot Shelton Corporate Center from Richardson-Vicks Real Estate, Inc., a subsidiary of Procter & Gamble. "Despite a slow start earlier this year, the Fairfield County office market is doing extremely well. Rents in Class A space in Stamford are up almost 15 percent in the past nine months. Rents are now at a level where you can build and lease profitably," said Gerard P. Hallock, SIOR SIOR Society of Industrial and Office Realtors SIOR Specialist, Industrial and Office Real estate , senior vice president of Rostenberg-Doern. Hallock said much of the market's leasing activity involves companies expanding within the county, with some activity from companies relocating 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. . He said downtown Stamford had its share of major corporate leases in the third quarter by companies such as A.C. Nielsen, Citicorp, Philip Morris Capital Corp., ITDS ITDS International Trade Data System ITDS IBM Tivoli Directory Server ITDS Improved Technical Data System , and Reuters. "Stamford's premier office buildings continue to see tremendous leasing activity, with the vacancy rate for Class A buildings falling to 7.3 percent," he said. The survey of Fairfield County's four market areas showed the following: Fairfield County Central Business District More than 270,000 square feet of space was absorbed in downtown Stamford in the quarter. The city's third-quarter vacancy rate of 12.6 percent is down two percentage points from mid-year. The acquisition of Landmark Square by Reckson Associates Realty was a positive development for this market. Major deals included A.C. Nielsen, Carol Wright, Citicorp, Cox Media, Executive Health, ITDS, Philip Morris Capital Corp., Reuters, and Tradition Financial. Fairfield County East Led by the PHS acquisition of Shelton Corporate Center, the Shelton-Trumbull market absorbed 371,651 square feet of office space during the quarter. The vacancy rate fell from 20 percent at mid-year to 15.4 percent. In a major recommitment re·com·mit tr.v. re·com·mit·ted, re·com·mit·ting, re·com·mits 1. To commit again. 2. To refer (proposed legislation, for example) to a committee again. to the Bridgeport area, Peoples Bank Credit Card relocated within the city to larger space. Major deals included Cambridge Group, Creative Insurance, Louis Dreyfus, New-Net, Peoples Bank Credit Card, PHS, and Welsley Software. Fairfield County West The Greenwich-Norwalk office market suffered a setback with the addition of nearly 113,000 square feet of space returned to the market by Pitney Bowes in Norwalk. Total absorption for the quarter was a negative 103,765 square feet, while the vacancy rate rose from 9.3 percent at mid-year to 10.5 percent. On the plus side, there were significant leases by Coldwell Banker Relocation, Quantel Communications, Paine Webber, and Rogers & Casey. |
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