September 1, 2020

Choyce Peterson Publishes Mid-Year 2020 Lower Fairfield County Office Space Availability Poster

NORWALK, Conn., Aug. 31, 2020 /PRNewswire/ — Choyce Peterson, Inc. (www.choycepeterson.com), a commercial real estate brokerage firm which has a specialization…

NORWALK, Conn., Aug. 31, 2020 /PRNewswire/ — Choyce Peterson, Inc. (www.choycepeterson.com), a commercial real estate brokerage firm which has a specialization in representing tenants, announced the release of the 21st semi-annual version of its Silhouette Study. The full-size poster tracks changes in office space availabilities from Year-End 2019 to Mid-Year 2020 in larger, primarily multi-tenanted Class A office buildings in Greenwich, Stamford, Norwalk, and Westport. The unique study illustrates the absorption and give back of space, as well as overall availability statistics.

The following refers to the poster’s “availability rate” at YE 2019 vs. MY 2020: 

  • Greenwich: increased from 18.1% to 18.6% primarily due to several blocks of sublease space coming on the market.
  • Stamford: remained the same at 30.2% as office space absorption and give backs were equalized.
  • Norwalk: climbed higher from 34.6% to 35.6%. Notably, five different landlords own twelve buildings with 1,322,896 sf of available space along 2.3 miles of Route 7 in Norwalk and Wilton.
  • Westport: strongest of the four submarkets at 13.3% (down from 15.9%); the only submarket that decreased in availability.

“With a significant amount of inventory available across Lower Fairfield County, tenants now have an even wider range of availabilities to choose from based on location, size and price points,” stated John P. Hannigan, a principal at Choyce Peterson. “During these challenging economic times, landlords are more flexible than ever with their leasing terms. For over 23 years Choyce Peterson’s brokerage team has been guiding and advising area companies regarding their leasing decisions, whether it is a renewal, downsizing, relocation or expansion. Successful transactions have included favorable business terms such as landlord funded retrofits designed exactly to a tenants’ specific layout needs, free rent, competitive rental rates, and various expansion, downsizing, cancellation and renewal options.”   

Adam Cognetta, vice president at Choyce Peterson continued, “There’s much anticipation surrounding the ripple effect from COVID-related factors. The amount of space inquiries from tenants outside the state has increased, however the continued uncertain economic environment has created reluctance when it comes to the execution of new, long-term leases. As a material amount of sublease availabilities come to market and tenants evaluate their space needs going forward, landlords remain proactive in pursuing attractive deals across asset classes.”

To order a copy of Choyce Peterson’s comparative Silhouette Poster, please call 203-356-9600 or email info@choycepeterson.com.

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SOURCE Choyce Peterson, Inc.