It’s Pollyannish headlines like this one, generated by my industry, that drive me to it. I don’t want to join the mainstream media’s hysteria but now that The One will be running things they’ll go positive and I can throw cold water on their silliest claims, without shame. I look forward to it.
Despite economy, town commercial properties should hold their own
By Keysha Whitaker
Updated: 01/16/2009 12:40:55 PM EST
STAMFORD – While the country may be heading into the worst segment of the recession, Greenwich commercial real estate probably won’t be as hard hit.
“Greenwich, historically, has always done well,” said Thomas O’Leary, senior director at Cushman & Wakefield of Connecticut Inc. “There are still people that want to be in Greenwich, especially as prices come down.”
On Tuesday, Cushman & Wakefield, a private commercial real estate services firm, released its year-end report for the Fairfield County commercial real estate market.
New office leasing activity for Class-A space in the region totaled approximately 1.8 million square feet (msf) in 2008, down from the nearly 3 msf leased in 2007, the lowest level since 2001, according to the report. Available direct Class-A space in Fairfield County jumped to 3.7 msf in the fourth quarter, up from 2.9 msf at the close of 2007.
So “holding their own” means new space leasing is off 40% and vacancies are up 27%. I’d hate to see what a bad market looks like.