In the supply-and-demand world of real estate, there”™s plenty of demand in Fairfield County right now ”” but not enough supply.
“The first and second week of March were dead because of the pandemic,” Lisa Daniel, a broker with Ripco Real Estate in Greenwich, told the Business Journal. “But it”™s like a light switch went off ever since, especially as more people are getting vaccinated.”
Even though “there”™s not a lot of inventory,” Daniel said, “landlords are willing to make deals in order to get things done, while tenants are looking for space and finding that there”™s not enough.”
One perhaps surprising development has been an increase in the grocery store market. Even with the growth in online grocery shopping ”” about 60% of U.S. consumers are doing so, and roughly the same percentage expects to continue shopping online post-pandemic, according to Coresight Research ”” Daniel said the demand for brick-and-mortar is continuing to grow.
“People realized during the shutdown that they can cook ”” I did!” she laughed.
In addition to recent openings in Fairfield by Aldi and Mike”™s Organic in Stamford and another planned for Greenwich, Daniel said that a “small boutique market” that occupies 4,500 square feet in Stamford “is looking to move. They want to double their space because they can”™t meet the demand, so they”™re looking to move.” She declined to identify the grocer.
On the other side of the food equation, restaurants are still struggling ”” not so much due to Covid restrictions but to find staff, something that has bedeviled companies in nearly every sector. A Newtown pizzeria, Gino”™s Parlor of Sandy Hook, delayed its opening for several weeks ”” it held a soft opening on Aug. 2 ”” and is still in search of cooks, according to owner Artie Praino.
Scott Dolch, executive director of the Connecticut Restaurant Association, said the sector is still down by approximately 20,000 jobs from its pre-pandemic 160,000 jobs. Blue Cactus Grill recently closed its location in Fairfield due to a lack of workers.
“It”™s going to be interesting to see how restaurants handle the Delta variant,” Daniel said. “They may start requiring masks inside again.”
Dolch has said that one thing his association”™s members aren”™t interested in doing is asking patrons for proof of vaccination. “The last thing we want is to try and tell people what they should or shouldn”™t do,” Dolch told Fox 61.
Outdoor dining has been something of a godsend, and experience with tents and other outdoor options last winter could come into play again this year.
“Towns are being more flexible” in allowing the extra space, Daniel said. “There”™s a café in Armonk that wanted to add 30 to 40 seats outside. Two years ago the town would have said absolutely not, but instead they got it passed without too much trouble.”
Even so, chain restaurants Longhorn Steakhouse and Shake Shack are both under construction at the Danbury Fair mall.
Health and fitness clubs are also booming in the area, Daniel said, with Ripco helping several franchises sign leases over the past few months, including StretchLab in Fairfield and Yoga Six in Eastchester.
“They”™ve all done a great job of making sure everything is clean, putting up walls and taking other measures that go beyond even what the states require,” she said.
As for the potential impact of the Delta variant on business, Daniel said, real estate brokers are guessing along with everyone else.
“It”™s pretty remarkable what a year it”™s been. But right now there”™s still very high demand and not a lot of inventory out there.”
