National, regional and global business entities have long been part of the Greenwich business landscape. Before deciding whether Greenwich is the place to be for your business some factors are usually analyzed. Such typical things are presented below:
Greenwich's Business Environment
Greenwich offers a substantial large mercantile and moderate corporate business environment set within a stylish ambiance, low crime location and an address identified with success and prestige. Of its corporate residents most are in the financial services arena, with a predominance of Hedge funds. Business runs on New England practicality and global ingenuity with the drive and pulse of New York.
Its proximity not only to New York but to the neighboring Connecticut community of Stamford to the east where the population of nearly 120,000 is twice the size of Greenwich--adds to Greenwich’s inducement as a labor source and marketing arena. In terms of resources, marketing demographics, access to global transportation and many other considerations, Greenwich is nonpareil in Connecticut and maybe anywhere in the U.S.
The foundation of Greenwich, Connecticut’s work environment is its workforce, considered one of the best educated in the U.S. and ranked at a productivity level more than 30% higher than the national average. At the base of the New England commercial corridor and Greenwich’s strategic position on the New York border offer proven competitive advantages and ready access to markets, financial centers and institutions of higher learning in addition to suppliers and business partners.
The number of employed people in Greenwich represents more than half of the population of 61,000. More than half of this working population is classified in predominant areas of finance, insurance, real estate, the sciences, education, health and social services. In general about a third of the employed live in Greenwich, while the rest mainly commute from Stamford, Norwalk and nearby Rye, NY. From Greenwich, just over 5,000 commute to Manhattan and another 3,500 to Stamford.
Greenwich and Regional Office Space
Greenwich's total commercial office inventory totals slightly more than 4 million square feet located in various sized buildings. The rental rate in Greenwich, which is among the highest in the state, runs on average from $25.00 PSF to $80.00 PSF, gross to triple net.
Greenwich Retail Space
The main retail activity in Greenwich is concentrated on Greenwich Avenue, Putnam Avenue or the Post Road, spilling into the Lewis and Havemeyer side street. Open space is quickly gobbled up by vendors who want the exclusive address and the large volume and the large volume of shopping traffic that pervades the area. Rents run from an absolute bottom of $60 a square foot to as much as $120 a square foot. The outlying neighborhoods Cos Cob, Riverside and Old Greenwich offer retail shopping locations of their own with little or no turnover in tenants. Rents here typically lower.
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