Hastings Announces Ted Hampe & Mark Holod Join Firm

Posted on January 14, 2010
Filed Under Commercial News, Westport Connecticut | Leave a Comment

January, 2010  -  John D. Hastings Commercial Real Estate is pleased to announce that veteran broker, Ted Hampe, and former corporate real estate executive,  Mark Holod, have joined their firm. They were both recently associated with Prudential Connecticut Commercial Real Estate prior to moving to the Hastings’ office. Ted Hampe can be reached at thampe@johndhastings.com and Mark Holod at mholod@johndhastings.com

Office Space Leased at 19 Ludlow Road, Westport

Posted on January 13, 2010
Filed Under Commercial News, Recent Commercial Transactions, Westport Connecticut | Leave a Comment

David Fugitt, SIOR, senior vice president of John D. Hastings Inc. Commercial Real Estate based in Westport, is pleased to announce the recent leasing of office space at 19 Ludlow Road aka Old Hill Offices, in Westport. The new tenant, Curcio Webb entered into a five year lease for 2,771 square feet. Fugitt as Exclusive Agent for the property represented the Landlord, Old Hill Offices, LLC and D. J. Smith of Rand Real Estate represented the Tenant. This lease leaves only 1,488 square feet and 2,675 square feet available in this two building 28,000 square foot office complex. Fugitt is the exclusive leasing agent for this property. Interested parties can contact David Fugitt at 226-8325.

January, 2010

Office Vacancy Trends Third Quarter 2009

Posted on November 6, 2009
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The Hastings Report Vacancy Rate Trends 

 Its common knowledge these days that there is more office space available now than a year ago.  The five year trend was a lowering of available space from approximately 17% in 2004 to 13% in 2007.  Since 2007 the vacancy rate has increased back up to approximately 17%, the same as five years ago.

An important indication of where the market is going is in the direction of sub-let space.  The sub-let vacancy rate has increased from a very low level of 1% in 2007 to 2.3%  in the third quarter of 2009.

This is a rather large increase and it is difficult to predict when it may peak as it has increased each quarter from 1.4% in the third quarter of last year to 2.3% in this past recent third quarter.

With all of this data indicating continued challenges, there has been increased activity in the market with several large deals being made and a considerable increase in small to medium sized requirements. There seems to be improved confidence and activity from decision makers which allows them to commit to leasing new or larger space. This is also being stimulated by greatly reduced rental rates as much as 20%-25%.

Forecasting the state of the office market in 2010 is difficult due to the differential betweenperceived new leasing activity and the continued high unemployment rate. I go back to the sub-lease market. Once the sub-let vacancy level begins todecrease then there will be less competition for re-let space which will be a strong indicator of the office market bottoming and finally improving going forward. 

David P. Fugitt,  SIOR, Senior Vice President

Hastings Commercial Real Estate Named as Exclusive Agent for The Fitness Edge Clubs

Posted on October 29, 2009
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 John D Hastings Commercial Real Estate, based in Westport, CT., has again been retained as exclusive agents for The Edge Fitness Clubs; in their search for multiple 20,000-35,000 S.F. locations throughout Connecticut and Westchester/Putnam Counties, New York. The Edge currently has six locations in Southwestern Connecticut. Please contact either David Fugitt, SIOR or Chris Maglione with your applicable availabilities at (203)226-8325 or by email dfugitt@johndhastings.com & cmaglione@johndhastings.com

Dave Fugitt Leases Office Space at 2150 Post Road, Fairfield

Posted on October 29, 2009
Filed Under Commercial News, Recent Commercial Transactions | Leave a Comment

David Fugitt, SIOR, of John D. Hastings Inc. Commercial Real Estate based in Westport, Connecticut announces the recent leasing of office space at 2150 Post Road in Fairfield owned by Reservoir Associates, LLC, an affiliate of Davis Marcus Partners.The company leasing the space is Money Consultants, Inc. (MONECO), a financial planning and investment advisory firm. They are relocating from another location in Southport. Christopher Neubert, founder and President of MONECO, stated that his company needed additional space to accommodate their growth and wished to occupy a more upgraded office and building to match the quality of their services. The new space is 2,720 square feet with a ten year term. Fugitt represented the tenant. Both David Fiore and David Allen of Davis Marcus Partners represented the landlord.

October, 2009

Office Space Leased at 120 Post Road West to Hope Center

Posted on June 3, 2009
Filed Under Commercial News, Recent Commercial Transactions, Westport Connecticut | Leave a Comment

120 Post Road West, Westport

120 Post Road West, Westport

David Fugitt, SIOR of John D. Hastings, Inc. commercial real estate of Westport announces the recent leasing of office space at 120 Post Road West in Westport to The Hope Center.The Hope Center leased 2,766 square feet of office space on a five-year term. This leaves the Old Hill office complex with 2,675 square feet at 120 Post Road West and 2,771 square feet at 19 Ludlow. Fugitt is the Exclusive Leasing Agent for Old Hill Offices.

 

Vacancy Rate and Rental Rate Trends

Posted on May 27, 2009
Filed Under Commercial News | Leave a Comment

I find it interesting and also amazing that the overall vacancy rate increased marginally from the first quarter of 2008 to the same point in 2009. One would think that with a significant drop in leasing activity, the vacancy rate would increase to a much greater extent that the above numbers indicate. 

However, numbers can be deceiving. Since mid-2008 when the very stability of the national and global financial markets were shattered, leasing activity slowed but did not stop. Any commercial broker working in this market can attest to this. I would expect vacancy rates to continue to inch up and possibly jump up until users regain confidence in economic stability and increased spending habits of the general public.  I believe the recent rise in the financial indexes, along with various other positive news, indicates an improved economy within the next six months or so. By the way, we have now been in this current recession for the past 16 months and an additional 3-6 months will make this downturn one of the longest recessions over the past several decades.

If the next six months brings about improved economic activity, which I believe it will, the regional commercial real estate market will gain strength very quickly as there won’t be significant amounts of vacant office space to fill as in previous recessions.

Now is the time to act. The next six months will be the ideal time for tenants to either move to new space or renegotiate a new lease where they lease now and enter into a longer term lease as I believe rents are sure to move considerably higher over the next few years. This is one of the best opportunities to lock in a long term lease at what will be considered to be well below market for the term of the lease.

Working with an experienced commercial tenant rep will help fund the right space at a very competitive rate which will become more and more below market each year of your lease term.   

The Hastings Report by David P. Fugitt, SIOR, Senior Vice President, John D. Hastings, Inc.

  

 

Westport Lease Transactions

Posted on March 31, 2009
Filed Under Recent Commercial Transactions | Leave a Comment

March 2009

John D. Hastings, Inc. commercial real estate of Westport announces the following recent lease transactions:

David Fugitt, SIOR announces the recent leasing of office space at 19 Ludlow Road in Westport. Communico, Ltd., a fulfillment company, has leased 2,810 square feet. Bob Lewis of Vidal Wettenstein represented the Tenant and Fugitt represented the Landlord, Old Hill Offices LLC in the transaction.  

Dave Fugitt also has leased flex space at 21 Lois Street in Norwalk. Fugitt was the sole agent in leasing 2,000 square feet to Sugar and Olives, a cooking oriented business. They will be opening soon after construction is completed.

David Fugitt Sells Investment Property in Hamden, CT

Posted on March 30, 2009
Filed Under Commercial News | Leave a Comment

David P. Fugitt, SIOR, Senior Vice President of John D. Hastings, Inc. commercial real estate of Westport is pleased to announce the recent sale of investment property. Fugitt represented Rende, LLC in the purchase of 2175 Dixwell Avenue, Hamden, Connecticut.

The 10,930 square foot building on approximately 1.6 acres has a new long term lease to Rite Aid Pharmacy. The purchase price was $3,050,000.

Commercial Real Estate Market Challenges and Issues.

Posted on March 16, 2009
Filed Under Commercial News | Leave a Comment

The Hastings Report March 2009

There is no hiding from the challenges and issues presented by the severe economic downturn beginning in mid-2008. Businesses are having difficulty obtaining financing to keep them able to operate and many individuals are experiencing the same problem.

With businesses laying off considerable numbers of employees, they do not need as much space which initially creates an increasing amount of sub-let space and later on additional direct availabilities.

However, times like these present opportunity. Market office rents from what I have been experiencing have fallen since early 2008. This is a fantastic time for companies to relocate to less expensive and possibly better space with more flexible terms. I recommend to tenant clients to look for a longer term lease reflecting this lower market pricing rather than short term so their rents won’t go back to much higher rates when the economy and the office market rebounds.

Commercial rents have certainly softened but, so far, it has not been as devastating as the real estate market of the late 1980’s to early 1990’s. when market rental rates plunged approximately 25%-30%. This was in part due to a very high vacancy rate created by significant “spec” development during the mid 1980s. When the economy softened and demand lightened we were left with far too much product which brought on a precipitous fall in market rental rates as well as property values. This time around the vacancy rate began at a relative low level so the supply is not nearly as high as before.

Therefore, if it is any consolation, that horrific real estate market rebounded and continued to do well and expand for years. This market will rebound too.

David P. Fugitt, SIOR
Senior Vice President

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