Fairfield County Office Market Report Please click here to view the Report in its entirety

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The Fairfield County Office Market report is a trusted industry source now in its 29th year. The Ashforth Team tracks and reports quarterly, commercial activity countywide. The information that is gathered is based on the asking terms and current vacancy rates for every building in Fairfield County.

Office Market Report Editorial 2nd Quarter, 2008

Fairfield County:
During the second quarter the vacancy rate for Class A office buildings in Fairfield County decreased to 13.2% this quarter from 14.0% last quarter.  At the end of the second quarter, there were 4,420,262 square feet of Class A space available versus 4,698,526 square feet at the end of the previous quarter.  This compares to the 13.7% vacancy rate and the availability of 4,648,080 square feet one year ago.

712,797 square feet of Class A space were leased in Fairfield County this quarter versus 412,413 square feet in the previous quarter and 788,878 square feet during the same period a year ago.  The average asking price has decreased to $38.85 per square foot from $39.82 last quarter and $36.77 twelve months earlier.

Stamford:
In Stamford, the vacancy rate of Class A space decreased to 16.0% this quarter from 18.4% in the previous quarter, as compared to 17.6% one year ago.  A total of 501,685 square feet were leased in April-June compared to 124,774 square feet last quarter and 149,498 square feet in the same period a year ago.

There were 1,909,417 square feet of Class A space available in Stamford at the end of the second quarter versus 2,191,918 square feet last quarter and 2,091,421 square feet a year ago.  The average asking price of Class A space decreased to $43.01 per square foot as compared to $45.83 per square foot last quarter and $40.31 twelve months earlier.

Major leases signed in the County during the second quarter included General Reinsurance Corp who has leased almost 300,000 sq. ft. at 120 Long Ridge Road in Stamford.  It should be noted that the figures included in this report DO NOT include the anticipated vacancy of almost 500,000 sq. ft. at the current 695 Main Street East, Stamford location.  Other significant leases (over 10,000 sq. ft.) in the county included NASDAQ Incorporated in Shelton, Drum Capital, Unilever, CITI Bank and Harmon International in Stamford.