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Dot.com Doom Could Spell Fairfield Office Market Relief
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Business New Haven
12/11/2000
By: BNH
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It's no secret that a lot of dot.com companies aren't going to make it. According to Albert B. Ashforth Inc., a number of Internet companies are going to vacate some of the office space in Fairfield County over the next six months, loosening a tight office market.
“Over the next two quarters there will likely be a significant give-back of office space by e-companies and dot.com companies,” says Ed Tonnessen, executive vice president of Albert B. Ashforth Corporate Real Estate Brokerage.
“A large number of these companies will fail within this time period. They haven't generated profits and the venture capital money that has been supporting them is drying up. They will be giving up their office space back to their landlords, who have a new opportunity to lease it,” says Tonnessen.
Tonnessen gives the example of the Priceline affiliate Webhouse, which leased 50,000 square feet of office space in Greenwich then closed its doors within three months. He also points out that some of the other deals that were done in the last 12 months are going to be undone.
Major Fairfield County leases that were signed during the second quarter of 2000 include: Goldman Sachs in Greenwich; Adelphia Business in Norwalk, Home-Link and NeuVis in Shelton; FactSet Research Systems and Spenser Stuart in Stamford, Tauck World Discovery in Westport and PanAmSet Corporation in Wilton.<pi>
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