Commercial leasing activity in Fairfield County continued to decline in the third quarter, with the number of deals and the average transaction size both down significantly compared to the third quarter of 2011, according to CBRE Inc.’s quarterly market report, released Oct. 4.
CBRE reports there were 76 leases entered into during the third quarter in Fairfield County, down nearly 12 percent compared to the third quarter of 2011. The total square footage involved in the transactions declined by 16.5 percent, from 673,994 square feet a year ago to 563,074 square feet during the past quarter.
The average transaction size was 7,409 square feet during the third quarter, down from an average deal size of 7,837 a year ago.
The vacancy rate inched up to 20.1 percent, compared to 19.1 percent a year ago.
Year-to-date, leases have totaled 1.5 million square feet of space, compared to leases totaling 1.9 million square feet of space for the year ending Sept. 30, 2011, and 2.4 million square feet of space for the year ending Sept. 30, 2010.
Leasing activity was strongest in the Stamford market and in the county’s central region, which together saw 78 percent of all transactions executed during the third quarter.
The northern and eastern portions of Fairfield County, in addition to the Greenwich market, each experienced a significant drop-off in transactions compared to the third quarter of 2011.
