0 Economic & Market Overview US and Fairfield County March 1, 2011.

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Presentation transcript:

0 Economic & Market Overview US and Fairfield County March 1, 2011

1 1 Executive Summary ■The US recession ended in June –Employment-the key driver of real estate markets bottomed in February –The economy has added 1.0 million jobs since then. –1.3 Million private sector jobs. –Unemployment rate at 9.0% in January, down from 9.7% a year earlier. –Employment leading indicators suggest growth is accelerating ■CT/Fairfield Economic Performance –Waiting for Recovery ■Fairfield Real Estate Market –Modest improvement

2 2 GDP Growth Percent Change From a Year Ago Source: US Bureau of Economic Analysis

3 3 Consumer Spending Growth Source: US Bureau of Economic Analysis Percent Change From a Year Ago

4 4 Business Investment Growth Source: US Bureau of Economic Analysis Percent Change From a Year Ago

5 5 Real Disposable Income Growth Source: US Bureau of Economic Analysis Percent Change From a Year Ago

6 University of Michigan Index of Consumer Sentiment Source: University of Michigan Survey Research Center

7 University of Michigan Index of Consumer Sentiment Source: University of Michigan Survey Research Center

8 US Unemployment Rate Source: US Bureau of Labor Statistics

9 US Weekly Unemployment Claims

10 Profits & Employment

11 US Payroll Employment Source: US Bureau of Labor Statistics 12/07-2/ Mil. 2/10-1/ Mil.

12 US Private Sector Payroll Employment Source: US Bureau of Labor Statistics 12/07-2/ Mil. 2/10-1/ Mil.

13 Fairfield County Unemployment Rate Source: Cushman & Wakefield Research

14 Fairfield County Payroll Employment Source: Cushman & Wakefield Research Thousands of Persons

15 Connecticut Payroll Employment Source: Cushman & Wakefield Research Thousands of Persons

16 Fairfield County Office Using Employment Source: Cushman & Wakefield Research Thousands of Persons

17 NYC Employment Financial Services Source: US Bureau of Labor Statistics Thousands of Persons

18 Fairfield County Financial Services Source: US Bureau of Labor Statistics Thousands of Persons

19 Fairfield County Manufacturing Employment

20 Personal Income Growth: Connecticut vs. US Source: US Bureau of Economic Analysis Percent Change From a Year Ago

21 Fairfield County Market Inventory Dec 2010 Vacancy Rate Dec 2010 Asking Rent Dec 2010 Yr-Over-Yr Rent % Change Fairfield County40.9 msf19.1%$ % Stamford CBD6.8 msf23.1%$ % Stamford Suburbs8.4 msf22.7%$ % Greenwich4.3 msf19.6%$ %

22 Fairfield County Office Market New Leasing Activity

23 Fairfield Office Market: Vacancy Rate

24 Fairfield County Office Market: Sublease as a % of total available space All Classes

25 Overall Asking Rents Fairfield County Office Market $/sf

26 FAIRFIELD COUNTY CLASS A MARKET FORECAST FORECAST

Elm Street Four Stamford Plaza, 8th Floor Stamford, CT (203)