Reflecting tough economic times, the Westport office vacancy rate stayed at around 7.5 percent for the third period in a row but availability rates went up to 12.5 percent as of July 1, a long-time Westport commercial real estate broker said today.
Ted Hampe: office market showing “disturbing trend.” Dave Matlow/WN file photo
Ted Hampe, chairman of HK Group, said his company tracks some 172 office buildings, with square footage totaling about 2,620,000 square feet, of which 191,300 was vacant on July 1.
However, Hampe said an additional 131,000 square feet was being offered for sub-lease or future direct lease, reflecting planned tenant moves. Therefore, the office availability rate was 12.5 percent on July 1, he said.
“The Westport office market is showing a disturbing trend with relatively few leases in the first half of 2008, predictive of higher vacancy rates in future periods,” Hampe said.
On the retail front where a stable 5 percent vacancy rate was reported in January, several sublets are now being offered on Main Street and along the Post Road, he said.
“While we have not yet compiled the actual figures, we feel that the availability rate is about 10 percent,” Hampe said.
For comparison purposes, HK Group issued the following figures for office vacancies:
July 2007 = 7.4 percent vacant, 10 percent available
January 2008 = 7.6 percent, 8.9 percent
July 2008 = 7.3 percent, 12.3 percent
