{"id":2106,"date":"2021-10-31T10:06:51","date_gmt":"2021-10-31T10:06:51","guid":{"rendered":"http:\/\/CBMiXmh0dHBzOi8vd3d3LmdyZWVud2ljaHRpbWUuY29tL2J1c2luZXNzL2FydGljbGUvSG90dGVzdC1tYXJrZXQtaW4tRmFpcmZpZWxkLUNvdW50eS0xNjU3NzMwMC5waHDSAQA"},"modified":"2021-10-31T10:06:51","modified_gmt":"2021-10-31T10:06:51","slug":"hottest-market-in-fairfield-county-downtown-greenwich-sees-major-demand-for-office-space-greenwich-time","status":"publish","type":"post","link":"https:\/\/thcinct.com\/?p=2106","title":{"rendered":"‘Hottest market in Fairfield County:’ Downtown Greenwich sees major demand for office space – Greenwich Time"},"content":{"rendered":"
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GREENWICH \u2014 The recovery of Fairfield County\u2019s office-leasing market from the COVID-19 pandemic is gaining pace \u2014 and nowhere is seeing more momentum than the county\u2019s most southwestern town.<\/p>\n

Dubbed the \u201chottest market in Fairfield County\u201d in a new report from commercial real estate firm CBRE, downtown Greenwich has proven this year its lasting appeal as an office location for major companies, particularly those in financial services. Boosted by its proximity to New York City and mass-transit connections, the central business district looks likely to maintain its popularity \u2014 a boon that could also benefit neighboring areas.<\/p>\n

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\u201cThe market has a single-digit availability rate, and its transit access and high-quality space should keep demand coming both from tenants already in the market and new entrants,\u201d CBRE officials wrote in the report.<\/p>\n

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Major demand in downtown Greenwich<\/h2>\n

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During the third quarter, the Greenwich central business district recorded a total of about 92,000 square feet in new leases and expansions of existing office space, according to CBRE. The tally represented a 161 percent jump from the district\u2019s total in the second quarter and a 92 percent increase from the five-year quarterly average.<\/p>\n

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The availability rate now runs at about 9 percent in the Greenwich central business district whose \u201cmarket rentable area\u201d covers about 2.1 million square feet of office space. In comparison, the entire Fairfield County market has a 26 percent availability rate for its approximately 41 million square feet of offices.<\/p>\n

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\u201cWhile there are a number of different reasons for the success in Greenwich, it should also be noted that it is a small market and it doesn\u2019t take a lot of activity to make a huge impact on it statistically,\u201d said David Block, a Stamford-based executive vice president at CBRE.<\/p>\n

In arguably the most significant corporate arrival in the town this year, financial-technology firm iCapital Network last month opened offices at 2 Greenwich Plaza<\/a>, which is steps from the downtown Metro-North Railroad station and next to Interstate 95. The new offices stand about 30 miles from iCapital\u2019s headquarters in Manhattan, at E. 42nd St., across the street from Grand Central Terminal<\/p>\n

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While iCapital originally planned to bring about 200 jobs to the state, company officials now anticipate that the number of Greenwich-based employees could rise to approximately 300 during the next two years.<\/p>\n

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In the third quarter of 2021, the Greenwich central business district recorded a total of about 92,000 square feet in new leases and expansions of existing office space – a 161 percent increase from the second quarter and a 92 percent increase from the five-year quarterly average for the Greenwich CBD.<\/p>\n

The Greenwich CBD’s availability rate now runs at about 9 percent. In comparison, the entire Fairfield County market has a 24 percent availability rate.<\/p>\n

SOURCE: CBRE<\/p>\n<\/div>\n