Greenwich sees already hot commercial real estate market ignite

Commercial real estate brokers in Greenwich, Connecticut have been busy this fall. The city got a new title last week from commercial real estate company CBRE: Hottest Fairfield County Market.

Diane Roth, senior sales associate at Allied Property Group, said it was the busiest in 10 years.

“I do two to four leases a week. In fact, I’m probably the best leasing broker in Greenwich and have been doing it for over 25 years, ”said Roth. “Our company owns, manages and leases approximately 100 buildings in Greenwich. So although we have a small number of people in our office, we are a high volume place. “

She said the company had just acquired five more buildings from another large developer in Greenwich.

One of the main reasons Greenwich is so popular is its location. Allan Murphy, senior managing director of Newmark real estate company in Stamford, said that Greenwich being the first town in Fairfield County – from the border with New York – makes it more desirable, especially as many executives have tendency to live in the community.

Last month, financial technology firm iCapital Network has opened offices in Greenwich with easy access to the Metro-North Railroad station and off Interstate 95. iCapital’s corporate headquarters are in Manhattan, approximately 30 miles from their Greenwich location.

The company originally planned to create around 200 jobs in the state, but now anticipates that 300 employees will work in the Greenwich offices. They are also increasing their footprint by 25,000 square feet, bringing offices to 65,000 square feet.

Leasing iCapital and other Greenwich hedge funds will only help the surrounding community, according to Roth. Roth said these hedge funds are helping local businesses by going out for lunch, shopping after work and ordering dinner on the way home.

“Most of them (the hedge fund companies) have daily expense accounts to buy lunch. They’re going to order it and send it all out, ”Roth explained. “We also removed a lot of sinks in our buildings because we didn’t want to deal with the closure of the drains. So they tend to order food and bring the food, which helps all of our local businesses. “

Marcia O’Kane, CEO and President of the Greenwich Chamber of Commerce, is optimistic.

“Everyone benefits when rental rates go up,” O’Kane said. “Restaurants, foodservice, retailers and nightlife are all benefiting from an increase in the number of consumers in the region who have a demand for these items.”

Greenwich is emerging as a lifestyle town with all the new businesses coming there, Roth said. She sees that more people are taking a day trip from Greenwich instead of just going for an hour or two. With businesses moving to Greenwich, she hopes local businesses bounce back from the hardships of the pandemic.

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