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Dot.Com Afflictions Could Ease the Pangs of the Space-Starved Office Market

STAMFORD, CT-Most commercial real estate brokers believe two things about the current real estate market in the New York suburbs: 1)the market is very tight with little available space; 2) some dot.coms will fail or significantly downsize in the next few months.

By John Jordan | Updated on October 06, 2000

STAMFORD, CT-Real estate brokers in Westchester and Fairfield counties agree that both markets are becoming very tight for class A space and that upcoming office availability reports by area brokerage firms will most likely indicate record low office vacancy rates in some of the region’s key markets.

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).”

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