FAIRFIELD COUNTY
BUSINESS JOURNAL YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS | westfaironline.com
October 20, 2014 | VOL. 50, No. 42
A tale of two counties
FCBJ this week BRBC.ORG The Bridgeport Regional Business Council revamps its website … 4
COMMERCIAL REAL ESTATE FINDS ‘NEW NORMAL’
OBESITY ALERT Greenwich business hosts a film and a discussion … 10
BY BILL FALLON Bfallon@westfairinc.com
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SUBTERRANEAN SWAP A 26-inch natural gas pipeline through Brookfield faces replacement … 12 CHARGED FOR CHANGE Norwalk Community College amps up electric-car effort … 22 SPECIAL SECTION Riding in style … 21
Megan Saunders, executive director of the Stamford 2030 District.
MEDIA PARTNER
Stamford initiative aims to cut energy, pollution BY CRYSTAL KANG ckang@westfairinc.com
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hen it comes to storm resiliency and energy efficiency, Stamford is one of six cities nationwide eager to pick up a scorecard and mark its progress – not based on the number of electric vehicles on the road but by the eco-friendliness of commercial building projects. The city at a recent ceremony announced its involvement with Architecture 2030, a non-
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profit research organization that focuses on investing in the sustainability of commercial buildings from design to construction. Calling it the Stamford 2030 District, an iteration of Architecture 2030, the initiative is spearheaded by Stamford business leaders, property owners and managers and community and professional partners, including the city of Stamford, The Business Council of Fairfield County, the Connecticut Fund for the Environment, First County Bank and Reckson, a division of SL Green » STAMFORD, page 6
he regional commercial real estate market, which took a thumping in the recession, continues to reinvent itself amid healthier times. It has found, in the words of CBRE Senior Managing Director Robert Caruso, “a new normal” that has stabilized 30 percent below prerecession leasing activity. Popular properties are those that have been spruced up and those that are near transportation — or perhaps near land to grow, a pharmaceutical campus linchpin. Those buildings with medical-ready infrastructure, too, are popular; though while medicine and business may be intertwined, they usually prefer different building addresses. In comparing Westchester and Fairfield counties, Fairfield fared better statistically in the third quarter, increasing leased square footage by 57 percent. Westchester dipped 38 percent compared with the third quarter of 2013, which, at least in part, is because Westchester is the longer-developed county and its buildings are older. “Westchester saw more repositioning and removal of obsolete properties from the market,” Caruso said. Caruso and a battery of CBRE executives — including Tom Pajolek, executive vice president; Kevin McCarthy, vice president; Khadija Kay Licata, director of research services; David Block, senior vice president; Johanna Clark Wendt, manager for marketing and communications; and Steven Fiore, research analyst — recently parsed the Westchester and Fairfield county third-quarter commercial real estate data at CBRE’s Tresser Boulevard, Stamford, office. Fairfield was the costlier of the counties for the quarter on average: $35.83 per square foot » TALE, page 6