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Originally built in 1958, Pougkeepsie Plaza’s tenants include Famous Footwear, Jo-Ann Fabric & Crafts, Marshall’s, Modell's and The UPS Store.
From a multitenant office market of more than 33 million square feet about 12 years ago, we have demolished and/or repurposed almost 6 million square feet of multitenant office space, and have not built any new office buildings at all.
“A lot of investors are looking to put their money into mixed-use properties," said Tom LaPerch, director of the commercial group for Houlihan Lawrence.
The Greenwich CBD recorded a 14% availability rate, its highest since the third quarter of 2013.
The unnamed buyer bought the smaller 15,000-square-foot office tower for use as its new corporate headquarters.
The Greenwich and Stamford CBD zones, which accounted for 73.7 percent of the first quarter’s leasing activity
The 265,000-square-foot commercial property was built in 1923 as a hat manufacturing facility.
“In Bridgeport, they are looking for more residential opportunities than commercial opportunities,” said Kim Galton, director of retail for Houlihan Lawrence’s Commercial Group.
One Dock Street is a refurbished 1883 former mill building-turned-office complex in the South End of Stamford.
Tim Rorick at NKF noted an increased demand by smaller tenants for "boutiquey office buildings" Norwalks' SoNo neighborhood.
The Westchester County office market moved forward on two fronts during 2018. The first was a continuation of the positive absorption trend. The second was the continued demolition or repurposing of existing buildings.
The new Hudson Park complex in Yonkers is a prime example of how improving transportation infrastructure can help revitalize overlooked areas that have been difficult to develop.
The perennial appeal of Greenwich has led to a significant tightening in the Greenwich commercial business district office market.