Fairfield County Office Market
Fairfield County’s overall availability rate ended at 26.6%, down from 27.2% in the second quarter and from 27.9% a year ago. Although availability rates for Class B product continued to rise, the removal of 430,000 SF of Class A space at 1 Elmcroft Road in Stamford drove the overall vacancy down. Demand lagged in the third quarter, registering less than 500,000 SF in 86 deals. Year-to-date leasing activity totaled 1.7 million SF, significantly lower than the 2.5-million SF, 10-year average. However, with the latest office conversion total net absorption levels saw an improvement, ending with positive 220,594 SF in the third quarter. The direct average asking rent grew by 1.4% over the past year to $38.01/SF. Asking rents are likely to remain elevated in the quarters ahead due to owners facing higher tenant retention and acquisition costs, along with elevated operating expenses and taxes.
Download Fairfield County Office Market Report 3Q23 Download Westchester County Office Market Report 2Q23 Download Fairfield County, CT & Lower Hudson Valley, NY Industrial Market Snapshot 2Q23 Download Fairfield County & Lower Hudson Valley Industrial Report 2Q23 Download CT/Western Massachusetts Industrial Market Snapshot 2Q23 Download CT/Western Mass Industrial Report 2Q23