As the wick of 2007 gutters, Stamford”™s economy looks strong with developments in ”™08. The new tenants of UBS and Royal Bank of Scotland look to be attracting business and giving life to the real estate industry.
“Stamford”™s economy should be as stable as this past year,” said Jack Condlin, president of the Stamford Chamber of Commerce.
Condlin was sure businesses will continue to come to the area because of the UBS and Royal Bank of Scotland (RBS) relocations to the city. He feels that although housing markets have slowed, Stamford”™s real estate market is relatively strong. He said that by the end of 2008, the RBS presence in Stamford will boost the market considerably.
“Obviously, this has been a pretty extraordinary year for Stamford,” said Mayor Dan Malloy. “With the increase in value and significant sales of property, we can expect to see improvements in the market now that residential has caught up with commercial real-estate.”
According to Condlin, projects in the area are going to continue to grow. He pointed to the Trump Parc Stamford, the Donald Trump, F. D. Rich Company and Louis R. Cappelli project, as an impressive example of what investors are bringing to Stamford.
“We think that next year you should start to feel the RBS arrival in Stamford,” said Condlin.
He pointed out that Stamford does well in slow economic years because of businesses that can”™t handle the New York City rent rates migrating to the city, and does well in economic up years because of the growth it allows homegrown Stamford businesses.
Malloy pointed to the new outdoor plaza Mall at the Stamford Town Center that opened this year and the high-rise condos being built in the area signs the economy is on the rise in downtown Stamford.
“Considering the national slowdown over the next 12 to 24 months, I believe no city in the country is better positioned than Stamford in the face of the downturn,” said Malloy.
Â
