"There has definitely been a softening (in terms of leasing interest and volume)," Gubner says. "However we still see a lot of activity in both markets." He also says, "Connecticut's Fairfield County and New York's Westchester County continue to attract a great majority of companies relocating to the area. The region's appeal lies in its exceptional quality of life, a highly skilled employment base, a tremendously diverse population and a commerce environment not easily rivaled."

He continues, "In all sectors of the marketplace, with the exception of office, conditions continue to remain stable." Gubner notes that the industrial vacancy rate in Westchester and Fairfield is well under 10% and the vacancy rate for retail stands at about 3%for the region.

In terms of the office market, he reports that some sublease space has become available in Westchester and Fairfield. Downtown here, for example, Cendant's relocation to Norwalk has brought approximately 160,000 sf of sublet space in three Downtown buildings on Summer Street to market. Also Downtown, approximately 175,000 sf of space is now on the market for sublease as part of the fallout from the sale of 400 Atlantic St. by Champion International.