CBRE: Q3 office leasing in Fairfield County up 27%
Fairfield County”™s office market totaled 431,618 square feet in leasing activity during the third quarter, a 27% increase quarterly increase, according to new data from CBRE.
The Q3 office market achieved a positive net absorption of 302,422 square feet, marking the first positive absorption in seven years. While the availability rate declined by 70 basis points from the previous quarter to 26.2%, it was also 50 basis points higher from one year earlier.
Fairfield County”™s average asking office rent was $35.57 per square foot, up 2% from Q2 quarter and up 4% from Q3 2020. Five of the county”™s seven submarkets saw rents increasing or remaining stable, with Fairfield North and the Greenwich CBD being the exceptions.
Sublease space, which makes up 21% of the market, declined for the first time since Q1 2020 but still contributed to 40% of the quarter”™s activity.
The county”™s two hottest Q3 office markets were the Greenwich CBD with 92,000 square feet in office leasing, up 161% from Q2, and the Stamford CBD with 145,000 square feet, up 2% from the previous quarter.
The largest transaction of the quarter was Digital Currency Group”™s 46,000-square-foot expansion at 290 Harbor Drive in Stamford. The largest new transaction was Altus Power”™s 33,006-square-foot lease at 1 Harbor Point Road in Stamford.