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GlobeSt.com SPECIAL: Chase's Gubner Says Owner/Tenant Field Is Even

STAMFORD, CT-Cory Gubner, president of Chase Commercial/TCN Worldwide, says the Westchester-Fairfield market has changed recently but disagrees with some of his colleagues and thinks the market is still relatively strong.

By John Jordan | Updated on June 26, 2001

STAMFORD, CT-Although he admits that leasing activity has dropped in recent months, Cory Gubner, president of Chase Commercial/TCN Worldwide, says the outlook for the Westchester-Fairfield County real estate market is not as bad as some of his colleagues make out. He says the major change that has taken place has been that “it’s no longer an owner’s market. It’s not a tenant’s market either. The playing field has evened out.”

“There has definitely been a softening (in terms of leasing interest and volume),” Gubner says. “However we still see a lot of activity in both markets.” He also says, “Connecticut’s Fairfield County and New York’s Westchester County continue to attract a great majority of companies relocating to the area. The region’s appeal lies in its exceptional quality of life, a highly skilled employment base, a tremendously diverse population and a commerce environment not easily rivaled.”

He continues, “In all sectors of the marketplace, with the exception of office, conditions continue to remain stable.” Gubner notes that the industrial vacancy rate in Westchester and Fairfield is well under 10% and the vacancy rate for retail stands at about 3%for the region.

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