Success Stories

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.

With late October seeing record numbers of daily new cases of COVID-19, it is probably too early to tell how the pandemic will play out and what its impact will be on local economies.

Landlords and commercial real estate sellers have plenty of competi- tion in today’s retail and office market. The work-from-home move- ment’s impact on office space and the one-two punch of online retailing and COIV-19 impact on retail space have left many owners swapping tenant signage for “For Lease/Sale” signage.

It is imperative for tenants to evaluate moving costs when considering office space relocation. Some expenses, such as the cost of the physical move and IT set-up are obvious line items in a budget. However, many less apparent expenses present themselves throughout the transition process. Over the years we have seen items consistently causing companies to underestimate their moving budgets.

A key fault line of many organizations is the intersection between business and friendship. Often tenant friendships with landlords become business relationships as well as vice versa. When you work with someone on a common goal or struggle in a business environment, you learn a lot about people. You often bond together, and that bond affects future decisions … as it should.

An office space search provides the opportunity to relocate to a new building or complex with an abundance of amenities including large indoor and outdoor common/gathering areas, an on-site conference room, fitness center, child day care, concierge, shuttle to train, covered and reserved parking, storage space, and even boat slips. The current economy, high vacancy rate and abundance of furnished sublease space gives area companies an option to upgrade to a luxury location packed with amenities.

Despite some flickering signs of growth, today’s Fairfield County office market continues to have a high vacancy rate. Many submarkets such as Norwalk and Stamford have been affected due to decreased demand. As a result, there are a slew of properties available at rental rates 15-30% lower than they were two years ago. This includes direct space as well as subleases at greatly reduced rents, with furniture included!

The following describes lease types widely used in office real estate and should be studied by companies looking to renew or relocate.

Tenants looking for office space will often consider a sublease rather than a direct deal with the landlord. Subleases can be very favorable for tenants, as they often include furniture, and even phone systems, plus rental rates lower than a standard lease. However, tenants often make a mistake by dismissing subleasing opportunities when the term is too short. We encourage our clients to think “outside the box” and consider two methods for augmenting the term:

Certain “events” may constitute a default of your lease. As a tenant, you should expect these clauses to cover financial distress and avoid any impact when your company is perfectly healthy. For example, when you move out for a more spacious area next door and are trying to sublease your old office, it should not be defined as abandonment as long as you continue to pay rent.

Will the development of “affordable housing” boost the local economy by bringing more employees and consumers to the local market? Will it increase traffic or overburden infrastructure in other ways?