The Business Journals - Week of February 1

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TR US TE D J O U R NALI S M AT YO U R FI N G E RTI P S

FEBRUARY 1, 2021 VOL. 57, No. 5

M A K IN G A

westfaironline.com

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Judith M. Watson is the CEO of Mount Vernon Neighborhood Health Center Inc.

NYC exodus

COPING WITH COVID

CBRE exec says Fairfield County has two years to exploit moves

HOW MOUNT VERNON NEIGHBORHOOD HEALTH CENTER IS SURVIVING AND THRIVING

BY PETER KATZ pkatz@westfairinc.com

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he Mount Vernon Neighborhood Health Center Inc., a provider of healthLoan care services in key TWB Decision Westchester Banner Ad communities haswendured 6” x 1.5” hthe impact of Covid-19 that infected its 3-24-20 leadership and led to the loss of three staff members, making it stronger to fulfill an even more central role in the lives of its estimated 20,000 patients.

“It hit us hard. It came out of nowhere,” Judith M. Watson, CEO of the nonprofit, told the Business Journal about the coronavirus. “Employees were infected. We lost three long-time employees to this pandemic, three longtime employees who our patients adored.” Watson and other members of the senior leadership team for the organization contracted the virus and had to be furloughed

and quarantined. She said it was a challenge adjusting to running operations remotely and compensating for a drop in the number of existing patients seeking routine health care services because of Covid’s impact. “At the same time, we had new patients coming because Mount Vernon Neighborhood Health Center remained open and accessible,” Watson said, noting » COPING WITH COVID

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BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com

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airfield County has a roughly two-year window to capitalize on the potential of companies relocating to the county from New York City, in the estimation of an executive with the world’s largest commercial real estate services firms. “We need to take advantage now,” Tom Pajolek, executive vice president at CBRE’s Stamford office,

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said at BOMA Southern Connecticut’s annual State of the Market presentation, held virtually on Jan. 19. By 2023, he predicted, Manhattan office workers will have returned to their places of business. Not surprisingly, Pajolek characterized 2020 as “a slowdown year … the market pretty much hit pause” in March, when the pandemic arrived in full force. There was roughly 1.3 million square feet of leasing activity for the year in Fairfield County, a market that totals about 41 million square feet — “The least amount we’ve done” on a 10-year annualized basis. The county’s availability rate stands at about 26%, Pajolek said — a figure he anticipates will remain in effect “for several years” and which favors neither land-

lords nor tenants. Furthermore, there now is about 1.2 million square feet available that wasn’t at the beginning of 2020, he said. There are bright spots, however: Pajolek cited Greenwich, where rents near the train station are in the $90 per square foot range. Greenwich thus has “a big advantage over the rest of Fairfield County,” he said, comparing it to Stamford ($40-$60 for Class A buildings near its train station), Norwalk (mid-$20s) and Danbury (low $20s). Nuvance’s leasing 200,000 square feet at The Summit at Danbury in December was by far the county’s largest office deal, but Pajolek noted that the next four were relatively paltry: Berkley Insurance » NYC EXODUS

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