Office Market Overview of Lower Fairfield County
By David Fugitt, SIOR
|Vacancy Rate *||13.8%||14.4%||14.3%||12.9%||12.3%|
|# Deals *||620||662||636||633||659|
|S.F. Leased *||3,624,000 S.F.||2,961,000 S.F.||2,383,000 S.F.||3,019,000 S.F.||3,466,000 S.F.|
|Average Rental Rate (Re-Let)||$33.92/ S.F.||$35.26/ S.F.||$33.56/ S.F.||$33.02/ S.F.||$32.69/ S.F.|
* Includes all classes of offices, re-let and sub-let.
We have researched the above office market statistics that you may find informative. As you can see and have experienced, this market slowed considerably between 2010 and 2013 with the vacancy rate increasing from 12.3% to 14.4%. However, there was a sharp decline in the overall vacancy rate in 2014 over 2013 indicating very much needed positive news. Hopefully this is not a temporary statistical blip. Additionally, there has been a significant increase in square footage leased between 2012 through 2014 from 2,383,000 SF to 3,624,000 SF. As a note, this market vacancy rate is below the national average of 16.7%. Rental rates have increased during this period but at an anemic rate. As the economy and hiring improves this trend should continue. The above information is taken from 2,060 office properties in 11 cities and towns along or near the I-95 and Merritt Parkway corridor in Fairfield County. Updates to this report will be generated quarterly to keep you current on local office trends.
Vidal/Wettenstein is a commercial real estate services firm headquartered in Fairfield County, Connecticut. Founded in 1968, Vidal/Wettenstein has been focused on the Fairfield County and New Haven County markets for over 46+ years. Our professionals have engineered some of Fairfield and New Haven counties most distinguished deals. We have worked with local, regional, national, and international clients on a full spectrum of commercial real estate services. Our reputation is based on quality and integrity – something clients should expect nothing short of from Vidal/Wettenstein.
For additional information please contact David Fugitt SIOR
(203) 226-7101 (ext. 5) or email firstname.lastname@example.org.
David Fugitt, SIOR