Fairfield County Office Market
| Average Asking Rent (Price/SF) | $36.36 |
| Availability Rate (%) | 27.6% |
| Net Absorption (SF) | 94,327 |
Uncertainty pervaded the Fairfield County office market, as well as markets across the globe in 2020 as the pandemic put a strain on commercial real estate transactions. Total leasing activity this year fell 24.7% year-on-year to 2.4 million square feet in 317 deals, versus 352 deals totaling 3.2 million square feet in 2019. This year’s leasing volume was 33.1% below the five-year annual average, and the number of transactions was lower by 80. With supply outpacing demand, the overall availability rate increased by a percentage point to 27.6%, while net absorption finished with negative 403,651 square feet.
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