CBRE IN STAMFORD
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|Continuing our Fairfield/Westchester jaunt, we dropped by CB Richard Ellis’ Stamford home to visit market guru Robert Caruso. Overall, demand from tenants is off from historic leasing figures, he says. We’re experiencing the lowest leasing activity in a decade, but the market’s offering opportunities for tenants to capitalize on the weakness, with high quality subleases available and less building spaces from scratch. Landlords are also becoming more aggressive, renewing tenants two to five years before lease expiration, and continuing to upgrade their spaces. CBRE negotiated one of the largest renewals in Fairfield recently, RBS’s 88k-SF lease at 1000 Lafayette Boulevard in Bridgeport.|
|Bob, with colleagues Thomas Pajolek, Al Mirin, and Kay Licata. Smaller tenants are the bread and butter, accounting for most of the activity in the first half of ’09, he says, noting that tenants from NY are taking advantage of lower pricing and quality space, with some relocating employees from NYC offices. As the market waits for the bottom, they’ll continue to execute these better deals, he says, like the Westchester Medical Group’s 31,662-SF Lease at 2700 Westchester Avenue in Purchase, NY, which CBRE arranged. In the meantime, Bob is heading off to North Carolina for some sun. Bring us back some rays!|