Hartford Business Journal

HARTFORDBUSINESS.COM | AUGUST 25, 2025 11 when time isn't of the essence, there are diversions such as board games and a record player. The office park also features ameni- ties like a cafeteria, fitness room, pond and walking path. Ideal location Shelton's location was a factor in the decision to move. The city of nearly 43,000 residents — located near Interstate 95 and the Merritt Parkway — offers access to New York City's large talent pool about 80 miles away, Payne said. Timex also has a showroom in The Big Apple and frequently flies overseas visitors into John F. Kennedy Airport. Christopher O'Hara, senior vice pres- ident at Coldwell Banker Commercial in Westport, represented Timex in its lease deal. He said the company looked at more than a dozen sites, but decided to stay in Connecticut. In addition to providing greater oper- ational efficiency, Timex's new Shelton location is more centrally situated, giving employees — especially those from Stamford, Greenwich and New York — a shorter commute, O'Hara said. To the south and west of Shelton, most Fairfield County traffic heads toward New York City during the morning commute, and then back in the evening. That means Timex employees and visitors from New York or Connecticut usually travel against the flow of traffic during both rush hours. "They have a shorter commute because they don't have to drive an extra two hours a day," O'Hara said. Lower cost Timex is in good company with its move to Shelton, as the city already hosts major employers, including electronics manufacturer Hubbell Inc.'s headquarters and several Sikorsky Aircraft facilities. Manufacturer BIC Corp. relocated its North American headquarters to Shelton in 2009, moving 350 employees from Milford. UnitedHealthcare relocated an admin- istrative and customer service office from Trumbull to Shelton in 2015. Shipping and mailing company Pitney Bowes moved employees from its Stam- ford headquarters to offices in Shelton and Danbury starting in 2014. Sandwich chain Subway also moved its headquarters from Milford to Shelton in 2023. It now operates with dual head- quarters in Shelton and Miami. A 2018 report by free-market think tank Yankee Institute ranked Shelton eighth among Connecticut's most business-friendly towns, citing its easy access to Route 8 and low busi- ness costs relative to other Fairfield County communities. Shelton's tax rate for fiscal year 2024-25 is 18.82 mills — the lowest of any city in Fairfield County. Gold Coast towns like Greenwich and Darien have lower tax rates, but their property values are much higher. Meantime, Shelton ranks among the most affordable office markets in Fair- field County, according to real estate services firm Cushman & Wakefield. The average asking rent for office space in the Shelton/Stratford market is $19.03 per square foot, compared to $34.99 for all of Fairfield County, according to Cushman & Wakefield. Average office rents in Fairfield County peak at $98.10 per square foot for Class A space in Greenwich, down to $20.76 in Greater Danbury. The office vacancy rate in Shelton/ Stratford was 23.1% at the end of the second quarter vs. 27.7% for all of Fairfield County, Cushman & Wakefield data shows. O'Hara, the broker, said Shelton has built a reputation as an office market that combines value with convenience. It offers advantages of larger metro areas without the same cost burdens, he said. "You can find that small-city feel, without being in the city," O'Hara said. "That's what Shelton has to offer." Virtual display screens and pedestal display cases showcase Timex watches in the lobby of the company's new headquarters at 6 Armstrong Road in Shelton. HBJ Photo | Steve Laschever As a CT-based community bank, we've been serving local businesses for over 153 years. We offer a wide range of traditional financing solutions and specialize in SBA lending to help take your business to the next level of success. We can help build your business. TM To learn more, call our Business Banking team at 203.729.4442. Pictured L to R: Joel Mastroianni, Tracey San Angelo, and Garett Luciani. Member FDIC Equal Housing Lender SBA Preferred Lender

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