"Company mergers and consolidations will have a visible effect on the landscape," said Kim Mowers, senior vice president of Grubb & Ellis' Stamford office. "This, combined with the expansion needs of local powerhouse companies in a tight market, will produce tenant migration akin to 'musical chairs' throughout the county. On top of this challenging climate will be the acceptance of the highest rental rates ever experienced in the area."

Developers have delivered 335,000 sf of renovated space to the Central County market, and 336,000 sf of spec is under construction, totaling 650,000 sf fully committed. This represents an 8.6% growth of total inventory, Grubb & Ellis officials reported.

"Looking forward, confidence in the central market will strengthen as developers focus on the Route 7 corridor, which connects Norwalk and Wilton. New projects will prove successful offering lower rents than Stamford and access to a deeper labor pool residing in the northern part of the county," Mowers said.