Fairfield Office Vacancies Up
The average vacancy rate for Class A commercial office space in Fairfield County increased from 20.4 percent in the fourth quarter of 2011 to 21 percent in the first quarter of 2012, according to a report from commercial real estate firm Cushman & Wakefield.
According to the quarterly market report, the Stratford/Shelton submarket saw the largest increase in overall vacancy rates, rising from 8.8 percent in the first quarter of 2011 to 13.6 percent in the first quarter of 2012. That change is due in large part to the 174,000 square feet of space that came on the market when Pitney Bowes moved its operations from Shelton to Danbury.
As the vacancy rates have inched up, so too has the average rent per square foot. According xanax generic the report, the average rate in Fairfield County increased from $35.74 per square foot in the first quarter of 2011 to $36.57 per square foot in the first quarter of 2012.
Despite the increase in vacancy rates, "the investment sales market showed definite signs of improvement this quarter, with sustained here in sales activity expected for the remainder of 2012," the commercial real estate firm emphasized.
Colonial’s Messore Honored
WEST HAVEN — Fred A. Messore, vice president of Colonial Properties, has been named 2012 Businessperson of the Year by the West Haven Chamber of Commerce. A former executive director of the West Haven Economic Development Corp., Messore has played an active role in the development of the West Haven rail station and the expansion of the University of New Haven campus. The commercial Realtor has been active in the chamber since 2000.
PRC Launches Mobile Appl
WALLINGFORD — Prudential Connecticut Realty has launched a new mobile application that is available for free in Apple, Android and Blackberry app stores and markets, announced company President Candace Adams.
Features include the ability to search listings based on your current GPS location, as well as through the traditional list and map search methods. Users can easily view listing details on all homes for sale throughout Connecticut and Rhode Island; such as price, square footage, property features and more directly from a Smartphone, iPad or tablet device.
To download the Prudential Connecticut mobile app, visit the app store or marketplace and search for Prudential CT & RI Realty or type in m2.prudentialCT.com in your mobile browser to be taken directly to the download page.
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