Why office-to-resi conversions are on the rise in Fairfield County

As the demand for local housing increases just as the need for office space declines, more developers are converting Class B and C office buildings into multifamily residences in Fairfield County, the Fairfield County Business Journal reported. A shifting preference for Class A office space has also contributed to the trend, according to Thomas Pajolek, an executive vice president in CBRE’s Stamford office. “Those people who are in the market tend to go for the best-in-class, Class A office buildings that are modern, well-situated and well-maintained,” he said. Some examples cited by the publication include a former General Electric building being converted into senior housing in Stamford and an affordable housing development in Westport that used to be office space. Stamford, Trumbull and Westport are among the places in the county where the most such conversions are currently taking place, according to the outlet. The Real Deal recently caught up with veteran Stamford commercial broker Cory Gubner to discuss the state of the office market in Fairfield. [FBJ]