Report: County office market slips in fourth quarter
The Fairfield County commercial office market took a small step back in the fourth quarter as the vacancy rate increased and average asking rental rates were flat, according to a new report.
The overall office vacancy rate was 22.7 percent in the fourth quarter, up from 22.1 percent in the fourth quarter of 2011, according to Jones Lang LaSalle’s quarterly market report, released Jan. 15.
The Greenwich central business district achieved the strongest year-over-year performance, according to the report, with a 16 percent vacancy rate compared to a 19.3 percent vacancy rate in the fourth quarter of 2011.
The office vacancy rate in eastern Fairfield County took a turn for the worse, rising to 18.4 percent from 14.8 percent a year prior.
In Stamford’s central business district, the vacancy rate rose one percentage point to 25.1 percent.
The average asking rental rate was mostly unchanged, dropping to $32.29 per square foot from $32.54 per square foot in the fourth quarter of 2011.
“The real estate outlook for Connecticut and Fairfield County is choppy, which is consistent with the general economic picture and local fiscal health,” said Robert Ageloff, head of Jones Lang LaSalle’s Stamford office, in a statement.