Office leasing activity declined in Fairfield County between the first and second quarters, but brokerage company Cushman & Wakefield sees the market in what it called a “bottoming out” phase that should improve in the near future.
Lease activity totaled 650,000 square feet of space, down from about 870,000 square feet in the first quarter. The latest figure includes some 250,000 square feet for Starwood Hotels & Resorts inking a lease at 333 Ludlow St. in Stamford, where it plans to move in early 2012 from its current headquarters in White Plains, N.Y.
“The Fairfield County market is in a slow, but undeniable march towards recovery,” said Jim Fagan, senior managing director and head of Cushman & Wakefield”™s Stamford office, in a prepared statement. “There are large blocks of available space that remain on the market while being repositioned for re-entry and are, therefore, not yet (ready for leasing).”
