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Despite Concerns, Fairfield County Office Sector Still a Hot Market

STAMFORD, CT-Insginia/ESG reported that despite a slowdown in the fourth quarter of 2000, the Fairfield County office market posted record results in leasing activity and absorption of vacant office space.

By John Jordan | Updated on January 22, 2001

STAMFORD, CT-Although the specter of an economic slowdown is looming, officials with Insignia/ESG believe that the Fairfield County office market will continue to post strong leasing activity this year. One of the highlights of the Insignia/ESG report was its conclusion on office asking rents in the county, which have skyrocketed to new highs.

The brokerage firm reported that the county saw 5.2 million sf in leasing activity in 2000, an 18% increase from 1999. The county’s office availability rate dropped 2.5 percentage points to 9.1%, the lowest level in recent memory, Insignia/ESG officials say.

“The strength of the local economy has had a tremendously beneficial effect on Fairfield County’s office market over the past year, encouraging internal business expansion and relocation,” says Dean Shapiro, executive director of Insignia/ESG’s Westchester/Connecticut office.

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