Both Westchester and Fairfield have benefited from the dot.com explosion in the past 12 months. Now, with this sector experiencing trouble, some space has come back on the market and will continue doing so in the near future, brokers say.
Dean Shapiro, executive director of Insignia/ESG's Connecticut/Westchester office, predicts, "There is going to be some fallout. The capital markets are very impatient (looking for returns on investment)."
Commenting on the announcement on Tuesday that two Priceline.com licensees, Priceclub WebHouse and Perfect Yardsale Inc., were shutting down, Shapiro said that Norwalk-based Priceline is still a very strong company with the available capital to weather the storm.
Speaking about the dot.com industry's troubles overall, Shapiro says that with the capital markets wanting quicker returns, "I expect that there are going to be some dot.com companies going out of business."
He adds that is not necessarily bad for the Connecticut-Westchester market. "The demand for office space is so high here, I believe we can absorb it if some space gets put back on the market."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
