Jeff Dunne – Momentum for 2010
- Feb 03, 2010
While 2009 was primarily a year of survival and revised expectations, the 4th quarter provided signs of leasing and capital markets momentum for 2010. On the capital markets side, note sale activity has picked up around the country, though the New York Suburban region is just beginning to see this trend. In fact, our team is currently marketing the note sale of Greenwich Atrium, a 101,394± SF Class A office property located at 75 Holly Hill in Greenwich, Connecticut. While this is the first significant senior mortgage note sale on an office building in Fairfield County, we expect the note sale/foreclosure pipeline will grow in 2010.
On the leasing side, Landlords and Tenants alike have seen the economic trend and employment numbers which indicate that the worst may be behind us, but that the road to recovery will likely be a slow one. The economic recovery in 2009 was spurred largely by the Fed’s $787 billion stimulus package and aggressive cost-cutting by corporations. We enter 2010 in a period of economic transition, as the Commercial Real Estate market will be looking for signs of more organic business growth marked by new capital expenditures and employment growth that drive demand for office space.
Please find below a link to our Data Points analysis of 4th quarter 2009 along with a link to download our region’s individual office market reports.