2017 Q3 REPORT Economic Development Activity July-September 2017 Q3 Overview

Stamford: ‘Connecticut’s Economic Engine’ Stamford is the state’s driving force for economic growth and serves as its largest business center. The city differentiates itself tion has taken 10,000 SF at 750 East Main Street to be used as from neighboring municipalities as a preeminent location for rentable office space. Further solidifying Stamford’s position as - corporate headquarters and allows residents to live, work, play a global reinsurance capital, OdysseyRe renewed their 87,000 SF and learn in an affordable city, with New York in your backyard. headquarters lease at 300 First Stamford Place and Everest Rein Stamford’s business friendly culture has allowed the city to Populationsurance Group opened a new office at One Landmark Square. foster a diverse league of employers across multiple industries, including reinsurance, healthcare, consumer goods, technology, continued to see large growth over the past few years, becoming Stamford’s current estimated population is 129,123 and has -

Corporatedigital media, Growth and finance. andthe third the city largest has addedcity in overthe State 10,000 of Connecticut residents in inthe 2014. past Stamdecade. ford has grown by an average of over 1,200 people per year, moving into the city in Q3. The largest lease of the quarter is largest city in the state with their current population estimates BankStamford of America, has continued which willto benefit lease the from entire many 115,000 new companies SF trading Stamford is also quickly closing in on New Haven, the second

- development,at 129,934. Estimates Stamford put should Stamford become only the 821 second residents largest behind city in floor of the RBS building at 600 Washington Boulevard. Other ConnecticutNew Haven, andwithin with the well next over year. 3,000 The largesthousing city units in thecurrently state is in new companies include First Reserve at 290 Harbor Drive, Om nicom Capital at 1055 Washington Boulevard, Protegrity USA- at 333 Ludlow Street, and Rollease Acmeda at 200 Harvard Avenue. Bridgeport with a population of about 145,936 in 2016. Adding to Stamford’s growing coworking space, Office Evolu

State Backs Stamford for Amazon HQ2 Bid The State of Connecticut has thrown their support behind Station connection to Grand Central, and a high-speed water Stamford as a viable option for Amazon to establish their second shuttle to shorten commute times to airports in and around headquarters. Stamford is well-positioned to meet Amazon’s the New York metro area. Stamford is continuing to invest in needs. The city offers proximity to the New York labor market increased pedestrian and bicycle infrastructure around the city and world-class Northeast universities; convenient access to lo- and is partnering with Zagster to offer shared bicycles for com- cal, regional, national and international transportation; a thriving muters and locals who wish to bike throughout the city. yet relatively inexpensive place to do business and, above all, a high quality of life for local residents and workers. - fordThe qualityhome. Stamford of life in Stamford boasts miles and ofFairfield beautiful County coastline, as a whole inlets is - a major selling point for many of the companies who call Stam One of the major advantages Stamford has over other cities is the - Transportationproposed contiguous Center. campus Currently, area there situated is 1.3 within million the SF Down of exist- and coves along Long Island Sound. Dotted with beaches, parks town and South End neighborhoods surrounding the Stamford and marinas, the water is a major draw for families. Water ac tivities include boating, fishing, swimming, kayaking and paddle campusing office footprint, space for nine use indevelopment three fully vacant parcels Class have A been buildings iden- and restaurantsboarding. Moving in the inland,central downtowndowntown Stamfordarea alone, is cuisinesa vibrant, range clean another 885,000 could be available within two years. Within the and inviting city with year-round activities. Boasting over 90 and would include the amenities required to support Amazon’s - growth.tified on The which proposed nearly 6campus million area SF of also office offers space the can super be built high esfrom to foodItalian, trucks, Mexican, from French rooftop and to waterfront Spanish to dining,Indian, thereJamaican, is Peruvian, Thai, Korean, Vietnamese and vegan. From steakhous technology companies require to do business. Stamford is also north from downtown, you are greeted with rolling hills, lakes speed 10GB fiber connectivity that digital media, trading, and andsomething ponds, forand every spacious palate wooded and every property budget. lots. Only This a fewmarks miles the beginning of a wooded wilderness that expands over the border on track to have 5G wireless coverage by the end of 2018, and - much of the proposed campus is covered by free public Wi-Fi, ing, hiking, mountain biking and exploring. which is a part of the Stamford Innovation District. into nearby Westchester County, offering miles of trails for rid - Stamford’s thriving business community, convenience to trans- tationAccess Center to other and major hopping cities on such an Amtrakas Boston, train. Philadelphia, Air travel is and also Washington DC is as easy as a walk to the Stamford Transpor and educated workforce make us a strong contender for Ama- portation options, available office space, recreational offerings, infrastructureeasy with Westchester improvements County include Airport reducing only 20 minutestransit time away from improvements and tax incentives, we are as competitive as other and, of course, via all three of New York City’s airports. Proposed citieszon’s HQ2.who applied,And with if thenot supportmore. from the State for infrastructure

Manhattan to Stamford via Metro North, investment in the Penn City of Stamford Office Market Economic 486,446 73 66 $43.94 Leasing A Class B Class Direct Asking Headlines Activity (SF) Buildings Buildings Rent ($/SF) Leasing increases from the start of the year, mov- Hartford Courant - Job Site Indeed to Add 500 Jobs to feet of commercial real estate, more than Renewal transactions also saw notable Stamford Office Stamford commands 16.2 million square ing from 34,925 square feet to 206,850 any other municipality within the Fairfield Notablesquare feet renewal this quarter. transactions 96.8% included of Q3 and Westchester Counties. In Q3 leasing renewals took place in the CBD area. “Job search website Indeed plans to add at least activity totaled more than 486,446 square 500 employees to its Stamford office over the feet, up from 392,181 square feet last OdysseyRe’s 87,314 square foot deal at thenext expansions few years for and a renovations.”total of 1,200 workers in from the start of the year, with most cen- Connecticut and plans to invest $26.5 million in quarter. Demand has steadily increased 300 First Stamford Place, Merrill Lynch’s 52,318 square foot lease at 301 Tresser Stamford Advocate - Henkel Opens Consumer Goods largest new leases included Bank of Amer- tered in the Central Business District. The Boulevard and Crane Co.’s 32,801 square Headquarters in Stamford Salesfoot deal at 100 First Stamford Place. ica, which took 115,479 square feet at home-care divisions from Scottsdale, Ariz., to 600 Washington Boulevard, First Reserve - “Henkel has relocated its laundry, beauty and taking 34,845 square feet at 290 Harbor tonOne Boulevard, major sale alsotook known place this as the quarter Stam in- company is starting with a contingent of about Boulevard.Drive, and Omnicom Capital, which took the Stamford CBD. 680 and 750 Washing a 155,000-square-foot hub at 200 Elm St. The 23,800 square feet at 1055 Washington - ford Towers, were sold for $97 million 425, with plans to expand to more than 500 in Atby the timeManhattan of the transaction, based commercial companies real 2018.”Westfair - Stamford Joins the Race to Lure Amazon’s Availability remained steady at 31.4%, re estate firm, SL Green Realty Corporation. Second HQ sulting in a stable direct asking rent. Rates stood at $43.94 per square foot, seeing such as Oaktree Capital and Oppenheimer, “Stamford is the latest Connecticut city planning itonly a prime a $0.38 area rise. for Stamford companies is second within onlythe Citigroup, UBS Financial Services, H/2 to try attracting Amazon’s second headquarters, to Greenwich with rates at $52.47, making Credit Manager, Titan Advisors, Gerald activity up in Q3, there was a positive net Metals, Bank of Ireland, were tenants. It - with officials saying they are putting together New York Metropolitan area. With leasing ferencehad also facility, just been and renovated glass-clad to entryways. include a positioneda formal proposal. as a desirable We believe location Stamford, for Amazon’s and new fitness center, basketball court, a con headquarters.”the lower Fairfield County region, is well Keyabsorption New of 8,029 Lease square feet. Transactions Tenant Building Type Submarket SF Industry Class Stamford Advocate - Stamford Leads Fairfield County Cities in Bank of 600 Washington Stamford Economic Index New Lease 115,479 Finance A America Blvd CBD

300 First Stamford Reinsur- OdysseyRe Renewal 87,314 A ranked near the top among the state’s largest Stamford Place CBD ance municipalities“Led by Stamford, in a Fairfield new state County index citiesof economic Stamford health, pointing to their continued growth as Merrill Lynch 301 Tresser Blvd Renewal 52,318 Finance A CBD First severalbusiness categories, centers. Stamford since the posted state’s aeconomic 2016 score Reserve 290 Harbor Dr New Lease Non-CBD 34,845 Finance A of 125.4 — equal to 25 percent growth, across 100 First Stam- Construc- recovery began in 2010.” Crane Co. Renewal Non-CBD 32,801 A Fairfield Citizen - Fairfield County Five: Gold Coast Hopes ford Place tion NBC Stamford Digital to Boost Marketing Efforts by Joining Forces 15 Bank St Renewal 19.897 A Universal CBD Media Key Sales Transactions sessions”“Stamford, highlighting Greenwich, real Norwalk, estate Westport development and opportunities,Fairfield plans hoston arranging tours, and “business educate outreachothers Building Submarket Sale Price Price/SF SF about the business and residential environment. The goal of the development group is to attract 680 & 750 Washington Stamford CBD $97,000,000 $298 325,701 service, marketing and emerging technology Blvd. businesses.” Source: Newmark Knight Frank Residential Real Estate Stamford by the Single-Family and Multi-Family Homes Condominiums NUMBERS In Q3 single family home sales have steadi- Along with single family homes, condo- ly increased from the start of the year, minium sales outperformed the rest of moving from 103 homes sold in Q1 to 203- soldFairfield this County,quarter asQ3, is the consistent. rest of the Despite county homes sold this quarter. Home sales saw an 8.8% decline from 188 sold in Q2 to 166 a 14% increase just this quarter. The me price displayed positive movement from 36 dian sales price saw a 4.2% decline from, averaged only 39.5 sales. The median sales Median Age $625,000 last quarter to $599,000 this outnumberedquarter, but stayed those positive of neighboring with a 3.3% mu- Itlast should quarter, be notedshowing that a 4.5%Stamford’s increase resi from- nicipalities,from this time as islast consistent year. Home every sales quarter, also dential$313,250 real to estate $327,500. market as a whole is choice for residents who appreciate a mix The market for multi-family homesSingle saw aFamily of urban Sales and suburban housing options. Its outweighing $650,000 quarterly fluctuations in price.- 300 York City, and its affordability in relation to $600,000 250 $500,000.2% year-over-year increase in the medi otherprime municipalities location, just an is hourunparalleled. outside of New an sales price, moving from $490,000 to $550,000 200 129,113 Number of Sales Population $500,000 Single Family Condos 150 $450,000 Stamford 203 186 100 Greenwich 145 58 $400,000 Westport 132 5 50 Ridgefield 115 14 $350,000 0 Q1Darien 2016 Q2 2016 Q3 2016 Q4110 2016 Q1 2017 Q2 20176 Wilton 66 10 Number of Sales Closed Median Sales Price New Canaan 18 1 Source: City of Stamford Assessor's Office $87,662 Source: City of Stamford Assessor’s Office Median Household Single Family Sales Income $650,000 300

$600,000 250

$550,000 200 $500,000 150 AAA $450,000 100 Bond Rating by $400,000 50 S&P and Fitch

$350,000 0 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Number of Sales Closed Median Sales Price Source: City of Stamford Assessor's Office Source: City of Stamford Assessor’s Office 2,761 Apartments Market - Apartments in Stamford leads the rest of Connecticut tions or have land use approvals within 3,608 units are currently under construc Development - with over $6 billion in development the entire city. 1,817 of those units are projects. By the end of Summer 2017, located in the Downtown Special Ser 458 units are expected to be completed, vices District, and 826 units are in the Sources: US Census Bureau, City of Stamford, Standard & Poors, Fitch Ratings all within Stamford Downtown. A total of Harbor Point/South End District. Residential Construction

- Large scale residential development continues to grow with

Residential permits totaled 331 this quarter, only slight house over 100 students this fall. Construction progress con- ly below the previous quarter’s total of 349. Single family the completion of the UCONN Stamford Dormitory, which will permits reached 270– only seven below last quarter– and alterationsincluded three and more additions housing to existing starts than properties. Q2 for a total of nine tinues to be made on Vela on the Park, Atlantic Station, NV@ new housing starts this quarter. The majority of permits were Harbor Point, and Davenport Landing. All of these projects are expected to be fully completed in 2018. Vela on the Park UCONN Stamford Dormitory (Under Construction) (Completed)

Vela on the Park, formally known Rippowam Place, located on 900 Wash- as Park Square West, located ington Boulevard, is set to complete in the on 1011 Washington Boulevard summer of 2017. The luxury building will is set to complete in the summer serve as student housing for UCONN stu- of 2018. The high-rise apartment dents. Not only will it create 118 residential building will be 15 stories high units and 1,500 square feet of retail space, with 209 units and 156,100 square but it will also bring in 4,200 square feet of feet of luxury residential space. restaurant space to .

Source: City of Stamford Office of Economic Development Housing Starts by NEIGHBORHOOD Newfield/Westover 1. Highview Avenue 1. Walnut Ridge Lane 1. OceanAnnual Drive Percent West Change in Population1. Campbell Drive $248,000 $607,355 2011-2012$450,0002012-2013 2013-2014 2014-2015$995,5202015-2016 1.50% 2. Deep Spring Lane 2. Newfield Avenue 2. Ocean Drive West 2. Campbell Drive 1.00% $578,000 $675,000 0.50% $453,240 $850,000 0.00%

-0.50% Population -1.00% -1.50% Stamford Bridgeport Danbury Hartford New Haven Norwalk Waterbury Source: US Census Bureau, American Community Survey 1-Year Estimates The city’s appeal has played a considerable role in the con- tinued growth of its population. Stamford has experienced Annual Percent Change in Population

2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 0.55% growth in population since last year, reaching a current total estimate of 129,113 people. With an average increase 1.50% continuesof over 1,254 to maintain people per an yearupward for thetrend. last Stamford’s five years andpopula a - 1.00% 9.23% increase in population over the last decade, Stamford 0.50% tion is expected to surpass New Haven in the near future, as 0.00% New Haven’s numbers have continued to stagnate and decline -0.50% this year. New Haven fell to a five-year low of 129,934 – with -1.00% a -0.81% decline since 2012. Hartford and Waterbury also -1.50% show a decline in population, with Hartford at -1.52% and Stamford Bridgeport Danbury Hartford New Haven Norwalk Waterbury Waterbury showing a -1.53% change since 2012. Source: US Census Bureau, American Community Survey 1-Year Estimates Of all other cities in the surrounding LMA, Stamford is the only city with a net positive change of more than 2.66% from its numbers in 2012, as well being one of the only cities with a population growth of more than 0.25% since last year. Employment Activity Unemployment The mean hourly wage for an employee in the Bridge- Stamford continues to hold the lowest unemployment rate

also boasts the highest number of employees in the state at port-Stamford Labor Market Area (LMA) is $30.64, compared out of the five most populous cities in Connecticut. The city to an average of $27.54 for the state of Connecticut. 68,544 people, with comparable cities such as Bridgeport Employment in the City of Stamford has grown at a rate of and New Haven trailing behind by over 2,300 employees. across1.6% since the nation. Q2 2016, The falling Financial short Activities of the 2.5% industry increase reported across Unemployment in Stamford decreased by 0.6% – from 4.4% the state while surpassing the 1.5% increase in employment ofin ConnecticutQ3 of 2015 to likewise 3.8% in reached Q3 of 2016 its lowest – its lowest value recordedin the past Employment Growth by Industry Q2 2017 value and first drop below four percent since 2008. The state the second-largestBridgeport-Stamford job -growthNorwalk 12 in-Month the LMA,% Change, with Seasonally an increase Adjusted of 6.0% from 41,400 to 43,900 jobs. Leisure & Hospitality saw eight years this quarter at 4.6%, also its first drop below five Total Nonfarm theMining, greatest Logging, increase & Construction at 7.9%. The largest drop in employment percent in that time. Hartford, Norwalk, New Haven and other was seen in theManufacturing Professional & Business Services supersector, decreaseConnecticut in unemployment cities saw similar rate declines for the ofentire 0.6% state. or higher, Cities in whichTrade, Transportation, fell 6.6% and from Utilities the previous year, losing 4,600 jobs. consistent with aUnemployment 0.6% drop for Fairfield Rate Q2 County 2017 and a 0.7%- Manufacturing Information(-1.4%), Trade, Transportation, and Utilities- (-1.3%), andFinancial Government Activities (-0.4%) also saw their numbers Westchester10.0% County on the other hand saw only minor de 9.0% drop.Professional Other and BusinessServices Services had the greatest increase in jobs state creases at best, with Mount Vernon experiencing the largest Education and Health Services 8.0% 8.9% 7.0% 7.8% wide, addingLeisure and3,100 Hospitality jobs for an increase of 4.8%. decline at 0.3%.7.4% New Rochelle only saw a minor drop of 0.1%, 6.0% 6.8% Other Services while unemployment in White Plains actually increased by 5.0% 4.4% 6.0% Connecticut hasGovernment added 14,000 non-farm jobs since last year 0.2%. The country as a whole saw a minimal decline of only while consistent with previous years, is noticeably lower than 4.0% 4.8% 4.2% 4.4% and lost a total of 4,300-7.0% government-5.0% -3.0% -1.0%positions.1.0% 3.0% This5.0% drop,7.0% 0.1%,3.0% dropping the national unemployment rate to 4.8%. This3.7% Source: US Bureau of Labor Statistics marks2.0% the first time that Connecticut’s unemployment rate in the past– only half as many government jobs were lost this hasLabor1.0% fallen below Statistics the national level since February 2012. 0.0% year comparedEmployment to the 2,400 Growth positions by Industry lost last year. Q3 2017 Labor Force Employed Unemployed Unemployment Rate Bridgeport-Stamford-Norwalk 12-Month % Change, Seasonally Adjusted Q2:Q3 2016 69,401 66,777 2,624 3.8% Total Nonfarm Q3 2017 71,278 67,529 2,734 3.4% Mining, Logging, & Construction Source: CT Department of Labor, NYS Department of Labor Manufacturing Source: CT DepartmentHistorical of Labor Unemployment Trade, Transportation, and Utilities 11.0% Unemployment Rate Q3 2017 Information Source:10.0% CT Department of Labor Financial Activities 8.0% 9.0% Professional and Business Services 7.0% 7.5% Education and Health Services 8.0% 6.0% Leisure and Hospitality 7.0% 6.4% 6.2% 5.0% 5.8% Other Services 6.0% 5.4% 4.0% Government 5.0% 3.4% 4.6% 4.0% 3.0% 3.5% -5.0% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0% 4.0% 3.2% Source:Source: USUS Bureau Bureau of of Labor Labor Statistics Statistics 3.0%2.0% 1.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 0.0% (not seasonally adjusted) Stamford Connecticut US Major Employers Source: CT Department of Labor, US Bureau of Labor Statistics

RANK EMPLOYERSS EMPLOYEES Q3: Source: CT Department of Labor, NYS Department of Labor 1 Stamford Health Group 3,200 2 City of Stamford 3,174 Historical Unemployment

3 Stamford Town Center 1,850 11.0% 10.0% 4 Gartner 1,250 9.0% 5 Charter Communications 1,000 8.0% 6 Deloitte 971 7.0% 7 UBS AG 800 6.0% 5.0% 8 Indeed.com 750 4.0% 9 NBC Sports Group 700 3.0%

9 World Wrestling Entertainment 700 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TOTAL 14,395 (not seasonally adjusted) Stamford Connecticut US Source:Source: CT DepartmentCT Department of Labor, of Labor, US USBureau Bureau of ofLabor Labor Statistics Statistics Source: City of Stamford

Crime Statistics

The City of Stamford remains one of the safest cities in Fair- task forces, and general preventive measures through citizen becomefield County the second as well largestas in the city State in the of Connecticut.state, in terms Stamford of popu - andeducation. general Various civic involvement community by based uniform actions and includingnon-uniform Crime has a growing population. It is projected that the City will personneland Gun Stoppers with residents, Program, businesses Police Camcorders and others on were uniforms, useful in preventing and reducing crime in Stamford. Sergeants in lation size, by 2020. designed to heighten citizen awareness on hate crimes, how whenAs in most compared jurisdictions, to the other increased large citiespopulations in the Northeast, bring some tothe identify Police Department the same, and were how engaged to report in thean extensivematters to program the remainedother issues the such safest as withcrime. the In lowest 2016 thecrime City rates of Stamford, in property, and the murder rate reported numbers less than or equal to ThePolice police Department. presence is designed to reassure citizens that violent, burglary, aggravated assault and arson. Only arson Stamford is a safe and family friendly city. In comparison to from the previous year. Murder decreased by 66% from 2015. city of Stamford fares well for citizen safety. assist in crime prevention as well as to enhance law enforce- other similarly situated communities in the North East, the In 2017, the Police Department took several initiatives to - crimement. preventionThe Police Departmentas well as to furthergive citizens expanded another its Blueelement Light knownDue to theas one many of theactions safest taken communities by the Police in the Department, Northeastern un ofcamera safety system on Stamford in communities. streets. This project is to assist in der the leadership of Stamford Mayor David Martin, the city is

- United States. minimizeOpioid cases drug remain overdose, low dueespecially to Police heroin; Department working implemen with drug tation of several measures including the use of NARCAN® to Offenses Reported to Law Enforcement by City 2016 5,500 Property Crime 5,000 4,500 Larceny 4,000 Violent Crime 3,500 3,000 Burglary 2,500 Aggravated Assault 2,000 1,500 Motor Vehicle Theft 1,000 Robbery 500 Rape 0 Arson Murder

Source:Source: FBI UniformFBI Uniform Crime Reporting Crime Program Reporting Program

1. 2

City of Stamford - Department of Economic Development 888 Washington Boulevard Stamford, CT 06901 Thomas Madden, AICP John Varamo Director of Economic Development Economic Development Analyst (203) 977-5168 (203) 977-4693 [email protected] [email protected]