Office Market Overview of Lower Fairfield County 2016
By: David Fugitt, SIOR and Matthew Mastrianni
|Vacancy Rate *||14.0%||13.90%||13.9%||13.6%||13.5%|
|# Deals *||513||467||561||601||585|
|S.F. Leased *||2,675,000 S.F.||3,242,000 S.F.||3,480,000 S.F.||2,934,000 S.F.||2,380,000 S.F.|
|Net Absorption *t||139,560||<326,300>||<360,500>||<393,900>||<1,060,400>|
|Average Base Rent (Re-Let)||$31.70/S.F.||$30.61/ S.F.||$30.14/ S.F.||$32.03/ S.F.||$31.02/ S.F.|
t: Negative net absorption in 4 of the last 5 years. 5 year Net Absorption <2,001,540> SF
* Includes all classes of offices, re-let and sub-let.
Survey includes Greenwich, Stamford, Darien, New Canaan, Norwalk, Wilton, Westport, Fairfield, Bridgeport, Trumbull and Shelton. Data from 2,029 office properties and 55,421,390 SF.
Market Overview: In 2016, there were 2,675,000 square feet leased, 9% below the five year average. 2016 had 513 leases signed, 6% below the five year average. Rental rates have remained relatively constant over the past five years, between $30-$32/S.F. for all classes of office space.
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 relating to leasing and sales of office, industrial, retail and investment property.
For additional information please contact David Fugitt SIOR
(203) 226-7101 (ext. 5) or email email@example.com.
All information from sources deemed reliable and is submitted subject to errors, omissions, change of price, rental, and property sale and withdrawal notice.