Greetings,
The Fourth Quarter 2011 Cresa Tenant's Guide to North American Real Estate Markets is now available online at www.cresa.com. The Guide identifies trends in vacancy, absorption, and rental rates in the major markets across North America.
Following is a sampling of the reports: |
North America
 As we begin a new year, U.S. and Canadian businesses will once again face a very challenging economic landscape with the twin worries of a still tepid economy here in North America, and the unknown effects of the ongoing European debt crisis. Global growth has already been scaled back as recession like conditions had become evident in a number of European countries at the tail end of 2011. This will almost certainly delay business leaders from pushing forward with any expansion plans until more is known about the breadth and depth of a European recession and any possible bank failures or credit difficulties.
The good news for tenants in the market for space this year is that leasing markets in North America will remain fairly benign with still significant discounted rents and an abundance of for lease space in all but a small number of submarkets. Canadian markets are certainly further along the real estate cycle, but for North America as a whole, leasing markets are at best treading water and are unlikely to tighten in any significant way in 2012 and quite possibly 2013. |
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Fairfield County, Connecticut
There was a slight increase in the overall vacancy rate for Fairfield County class A buildings, finishing the year at 21.4%, while average rental rates ended the year slightly lower. A similar
increase occurred in vacancy rates for class B buildings which ended the quarter at 26.5%, while average rental rates for class B buildings remained relatively unchanged.
The most significant changes in average rental rates occurred in class A buildings in Greenwich which increased by $4.00 while in Stamford, the average rental rate for class A buildings decreased by $2.80. The average asking rental rate for class A office space in Fairfield County ended 2011 at $36.65. This represents a decrease of $1.04 from the third quarter of 2011 but an increase compared to 2010 year end rental rates. >> Click here for link to the full report. |
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Please let us know if you have any questions about market conditions or would like to discuss your specific real estate needs.
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About Cresa
Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Strategic Planning, Workforce and Location Planning, Subleases and Dispositions, Portfolio / Lease Administration, Capital Markets, Sustainability, Industrial / Supply Chain and Facilities Management. With more than 55 offices, Cresa is the largest tenant representation firm in North America. Through its partnership with Savills, one of the world's largest commercial real estate services firms, Cresa covers more than 255 locations in 40 countries. For more information visit www.cresa.com.
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Cresa Fairfield County
200 Connecticut Avenue, 4th Floor | Norwalk, CT 06854-1907
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