[Connecticut203]

http://mobile.nytimes.com/2015/07/26..._r=1&referrer=

[texan2yankee]

Many CD posters, former and current residents of Stamford, saw and heard about the coming contraction of employment at UBS and RBS as far back as 2011, yet a few naive CD posters were adamant it wouldn't happen.

I wonder what will become of the empty UBS behemoth building?

[BPt111]

Originally Posted by Connecticut203

http://mobile.nytimes.com/2015/07/26..._r=1&referrer=

Stamford: the shadow of a corporate giant? - StamfordAdvocate

[Mr_250]

Stamford will be fine. It has been discussed...plenty. Some will leave, others will come. No worries. CT is in a great position to gain so much from surrounding states.

[Mike 75]

Originally Posted by texan2yankee

Many CD posters, former and current residents of Stamford, saw and heard about the coming contraction of employment at UBS and RBS as far back as 2011, yet a few naive CD posters were adamant it wouldn't happen.

I wonder what will become of the empty UBS behemoth building?

The office space at UBS will be leased no problem. It has one of the best locations in Stamford and its a modern building. I don't know what will happen to the trading floor though.

[AntonioR]

Originally Posted by texan2yankee

I wonder what will become of the empty UBS behemoth building?

Anyone that read the full article also read this:

But Stamford’s economy over all has shown remarkable resilience. The local unemployment rate has shown no signs of rising, and the average wages remain stable. That appears to be, in part, because the city has already managed to attract several new corporate operations, including those of Starwood Resorts and Hotels Worldwide and Deloitte, which have built in an old industrial area near the waterfront and taken advantage of the infrastructure that the banks brought in, as well as new tax incentives.

Stamford is simply the most dynamic city in CT. When the shift from a manufacturing based national economy to one that is more white collar rolled through, most cities in CT found themselves thrown into a downward spiral of catastrophic proportions. Stamford was truly the only major city that effectively rode the change with grace, all due to its dynamism. While other major cities in CT would had seen a large spike in their unemployment and an equally large long term marked decrease in their office occupancy rates, Stamford keeps attracting other major players with relative ease while some of the more traditional companies shrink or leave.

A city like Harford wouldn't have as much luck if the insurance business was to suddenly move out of the city and New Haven would be hard pressed in finding a solution if Yale was to pack up and leave. Waterbury never truly recovered from the manufacturing collapse. Bridgeport is simply a basket case of everything that could go wrong in a once prosperous city that didn't change with the times. The ability of Stamford changing with the times is the reason its the only major city in CT that never truly suffered the economic doldrums that is too familiar in all of the other major CT cities.

Its precisely the places that adapt the fastest to a changing situation that remains a success. Stamford has already proven to be capable of doing just that.

The RBS and UBS buildings are prime office real estate in the most advantageous location especially for firms that depends on commuters from somewhere else. I don't remember of any office building that nudges I-95 in Stamford has ever spent a large amount of time mostly empty, and that's despite that several of those buildings have gone through tenant changes. In fact, some of those buildings are still referred to by their old tenants name despite that a new tenant has occupied them for many years. People still call the Perdue Pharma building as the "GTE Building" and the International Paper building as the "Champion Building," to mention just two examples.

[texan2yankee]

Pockets of activity -- and mystery - Connecticut Post May 15, 2015

"In Fairfield County, the median home sales price in the first quarter was $342,700, off 6.1 percent from the median home sold in the first quarter of 2014 according to data published Tuesday by the National Association of Realtors [NAR]; and 14.9 percent below the median sale for all of 2014."


"Of about 170 metropolitan markets for which NAR reported data, only seven had steeper drops, including Pittsfield, Mass. and the upstate New York areas of Albany, Binghamton and Elmira."



Stamford is a beautiful city, no doubt. But, FWIW, if high end real estate prices in Fairfield County are any indication of future economic prosperity, I think the city and high earning Fairfield County are in trouble.

[howdydoody342]

Originally Posted by texan2yankee

Pockets of activity -- and mystery - Connecticut Post May 15, 2015

"In Fairfield County, the median home sales price in the first quarter was $342,700, off 6.1 percent from the median home sold in the first quarter of 2014 according to data published Tuesday by the National Association of Realtors [NAR]; and 14.9 percent below the median sale for all of 2014."


"Of about 170 metropolitan markets for which NAR reported data, only seven had steeper drops, including Pittsfield, Mass. and the upstate New York areas of Albany, Binghamton and Elmira."



Stamford is a beautiful city, no doubt. But, FWIW, if high end real estate prices in Fairfield County are any indication of future economic prosperity, I think the city and high earning Fairfield County are in trouble.

$342,700 seems really low to me but maybe its because Bridgeport is in Fairfield County and brings the price down?

[smackfu]

Here's some town-level data:
http://www.bhhsneproperties.com/docu...-fairfield.pdf

Bridgeport and Stratord are solidly below that median number, most of the towns are close to it, and the rich towns are in the millions for median selling price.

[wtby4000]

Originally Posted by AntonioR

I don't remember of any office building that nudges I-95 in Stamford has ever spent a large amount of time mostly empty.

There's a big one at Elm Street; it was empty for ages.