Stamford and Manhattan are only a few miles apart, but as far as commercial real estate goes, they might as well be on different continents.
A day before brokerage CBRE announced that Manhattan’s net office absorption in the third quarter exceeded one million s/f, news broke that the 527,424 s/f office building 400 Atlantic Street in Stamford would lose its three largest tenants by 2018.
These two examples are symptomatic of a larger rift. While New York City’s commercial real estate market is booming, Fairfield County, Long Island and Westchester are, at best, stagnating. In order to turn their fate around, suburban office centers will have to reinvent themselves on a scale not seen in decades.