Success Stories

The commercial real estate market is currently offering excellent opportunities for companies with leases expiring in 2023, 2024, and some in 2025. Negotiated net rental rates are 15-to-30 percent below the asking rent, and landlords are becoming more flexible in signing long-term or short-term leases while providing significant free rent, tenant improvement allowances, and options to expand, renew, cancel or downsize. Subleasing also provides an attractive alternative, thanks to its low rental rate and free furniture, making it the perfect time for companies to lower their costs, upgrade their space and/or location, and make their office lease flexible to meet a changing future.

If one were looking only at the key commercial real estate metrics in Fairfield, one would not see anything unusual, like the effects of a global pandemic, taking place. Vacancy (5.1%) is at a 5 year high, but still well below the average rate of 6.6% which prevailed for the four years ending in the middle of 2014. Meanwhile, Westport’s vacancy rate is the highest it’s been in almost 15 years.

While a default clause in a lease can address simple topics such as failure to pay rent or maintain the space in a clean manner, more often, it addresses issues such as illegal use, declaring bankruptcy, vacating the premises and more.

Events of the last two years are allowing Westport to make decisions about its housing stock independent of existing state and municipal regulations. In March 2019, the state awarded Westport a four-year moratorium on 8-30g applications.

Tenants evaluating only the rental rate when comparing a Class A building ($31/sf) to a Class B building ($28/sf) may be making an error much more costly than the 10% discount.

When landlords pay for modifications to their existing or new tenants’ space, they will charge a higher rent than if a tenant takes the space in its “as is” condition. Unfortunately, for a tenant trying to assess a fair rent to pay based on certain alterations, the impact on the rent is more complicated than, for instance, the amortization of a loan.

First, determine how your proposed layout will differ from a typical layout and whether or not your improvements would be favored by other tenants. The more your proposed changes differ from the norm, the more they will be considered a special-purpose build-out and decrease your negotiating leverage.

We all recognize this is a crisis unlike any other that has impacted our businesses. Never-the-less, during this or any

Tenants just evaluating the rental rate when comparing building A ($22/sf) to building B ($20/sf) may be making an error much more costly than a 10% discount. We recommend determining the size of your office as the first step in a renewal or relocation process.

The first of five videos, the first focusing on Westport.

The second of five videos, this one focusing on Stamford. If you’ve seen the recent Westport market video please scroll to 1:53 of this video for the Stamford portion. For more information on Choyce Peterson and what we offer you as a tenant click here: https://lnkd.in/e4uUXqa

The third of five videos, this one focusing on Greenwich. If you’ve seen the recent Westport and/or Stamford market video please scroll to 1:53 of this video for the Greenwich portion.

The fourth of five videos, this one focusing on Norwalk. If you’ve seen the recent Westport, Stamford or Greenwich market video please scroll to 1:53 of this video for the Norwalk portion

In the final video of our five video series you will be able to see a full market overview along with all of the towns featured. It is a good opportunity to compare and contrast various options in different towns

Many owners cringe at the thought of the taxes they will have to pay when selling their property. Fortunately, if you are reinvesting in real estate, you often can delay payment of (and sometimes avoid) those taxes.