Fairfield County Office Market
| Average Asking Rent (Price/SF) | $36.56 |
| Availability Rate (%) | 27.0% |
| Net Absorption (SF) | -166,690 |
Fairfield County’s office market ended the first quarter of 2022 at a decelerating pace from year-end 2021. Leasing activity totaled slightly above 800,000 square feet in 90 deals, down 18.2% from last quarter’s tally of 1.0 million square feet in 132 deals. The slowdown in leasing is somewhat typical of first-quarter periods after experiencing healthy year-end activity. Although this quarter’s leasing volume represented an increase of 29.8% compared with the first quarter of 2021, this mainly resulted from a sale-leaseback transaction that had no effect on net absorption. Pitney Bowes sold its 300,288-square-foot flex property at 27 Waterview Drive in Shelton and signed a new lease back from its new landlord, BDP Holdings. While several factors are still causing uncertainty, the outlook for this year is more optimistic than 2021 as it appears a return to normalcy is forthcoming.
Download Fairfield County Office Market Report 1Q22 Download Westchester County Office Market Report 1Q22 Download Fairfield County, CT & Lower Hudson Valley, NY Industrial Market Snapshot Year-End 2021 Download CT/Western Massachusetts Industrial Market Snapshot Year-End 2021 Download Fairfield County & Lower Hudson Valley Industrial Report Year-End 2021