Recovery in Fairfield and Westchester’s office markets continued at a slow pace during the second quarter of 2011, according to a second-quarter office market report from Rhys (see report below).

The quantity of available office space in Fairfield County amounted to 1.1 million square feet during the quarter, 5 percent less than the first quarter and 6.4 percent less than in the same period last year at the same time. Availability rates dropped to 20.7 percent over the past four consecutive quarters. Leasing activity jumped 24.3 percent over the first quarter, thanks in large part to a 227,998-square-foot lease signed by Bridgewater Associates at 20 Westport Road in Wilton.

The amount of space available in Westchester County remained slightly above 7 million square feet, with the availability rate stuck at 17.5 percent, the report says. Leasing activity declined 9.8 percent to around 700,000 square feet from around 800,000 square feet in the first quarter. To put those figures in perspective however, it is important to remember that 540,000 square feet of the 782,814 leased in the first quarter was the PepsiCo. renewal at 1 Pepsi Way. — Katherine ClarkeRhys 2q 2011 Office Market Report [more]

A bridal shop called Priscilla of Boston has inked a deal for a 6,058-square-foot retail space in Greenwich, Conn, according to New Street Realty Advisors, which represented the tenant. The retailer plans to open a bridal boutique in the space at 289 Greenwich Avenue this winter. Although it was not immediately clear what the exact terms of the lease were, New Street said it was a “long-term” deal. The asking rent for the ground-floor space was $100 per square foot, while the mezzanine level asked $50 per foot. Rhys Commercial represented the landlord, Wilcon Holdings. TRD

The amount of available office space in Westchester and Fairfield counties
rose during the second quarter of 2010, according to data from RHYS’
quarterly commercial market report, released today. The increase was
higher in Fairfield, where the available space total came to 11.6 million square
feet, a 4 percent quarter-over-quarter increase, and a 13.8 percent
year-over-year increase. In Westchester, the amount of available space
totaled 7 million square feet, a quarter-over-quarter increase of less
than 1 percent. The availability of sublease space saw a 7 percent
quarter-over-quarter jump in Fairfield County, while Westchester
County saw a four percent quarter-over-quarter decline, but dove 27
percent year-over-year. There was also a trend toward smaller lease
transactions ?€” less than 10,000 square feet — in the two counties,
the report said. The few larger transactions that transpired were
mostly lease renewals and extensions. TRD

[more]

Burgers, Shakes & Fries, a Connecticut gastronomic mainstay, is opening its first full-service restaurant in Darien, according to brokerage Rhys Commercial, which represented both tenant and landlord, 800 Post Road LLC. The 2,350-square-foot restaurant will be the company’s second location in Fairfield County and the only one to offer table service to patrons. Jon Sabrowski, a principal with Rhys and the agent who worked on the transaction, said Burger, Shakes & Fries’ decision reflects the recent “boom in burger popularity” that has caused the proliferation of chain eateries in the region. TRD [more]

Cory Gubner

From the February issue: While many commercial real estate firms have consolidated because of
the downturn, Rhys Commercial, a small commercial brokerage in
Stamford, is expanding.
The 20-person firm is opening an outpost in Manhattan in the next
two months, according to Cory Gubner, the company’s president and CEO.
It is also planning to open a New Jersey location toward the end of the
year.
These plans come on the heels of an auspicious beginning for the
firm: Rhys has signed 90 exclusive listings in its first four months.
Gubner said that while he isn’t trying to mimic the major New York City
firms, he is making sure that his company remains competitive in the
downturn. [more]