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E-commerce companies are heating up the national industrial real estate market, but experts say space has been tight in Westchester "before it was even cool to talk about industrial."
FactSet's lease will bring the property to 100 percent capacity.
“Nothing is immune from the forces at work,” said Geoffrey Kasselman, during his recent presentation “The Exponential of Everything.”
According to a data analysis from Newmark Knight Frank, Fairfield County’s office leasing activity grossed 4.2 million square feet in 2017, up 18.5 percent from the previous year.
Westchester County’s office market slowed a bit from early 2017 highs in its final quarter, according to market analysts.
Three buildings – 106, 108 and 110 Corporate Park Drive – will be knocked down for a 125,000-square-foot grocery store.
“Restaurant economics are more of a challenge for landlords. They have a higher electrical capacity and a more intensive use of utilities,” said Jessica Curtis, senior managing director at Newmark Knight Frank in Stamford.
"The office market is better positioned than it has been for a long time,” says Kevin Welsh at Newmark Knight Frank.
The new tenants are a real estate firm, an interior design company and a yet-to-be-named antiques and lifestyle accessories boutique.
Tenants at the 71,401-square-foot building at 40 Cross St. include Norwalk Surgery Center/Norwalk Hospital, St. Vincent’s MultiSpecialty Group, and Westmed.
The increase in major deals is part of what has researchers concluding Westchester's office market is trending in a positive direction.
Greg Frisoli, executive managing director at Newmark Knight Frank’s Stamford office, predicted that more diverse deals could be coming soon to the county.
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