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Fagan: Market Went from 90 Miles Per Hour to Zero

STAMFORD, CT-The latest office vacancy rate figures for Fairfield County show a softening of the commercial leasing market. James Fagan of CB Richard Ellis says the tough times won't be over as soon as many had predicted.

By John Jordan | Updated on June 24, 2001

STAMFORD, CT-According to CB Richard Ellis, the countywide office vacancy rate shot up from the 7% rate at the end of the first quarter to 9.1% for the second quarter. All of the major geographic areas in Fairfield County reported higher vacancy rates for the second quarter as compared to three months earlier. James Fagan, senior managing director for the Westchester-Connecticut suburbs for CB Richard Ellis, contends “It was like going from 90 miles per hour to zero (in terms of leasing demand).”

“Everybody thought that this was going to be over by the third quarter of this year,” Fagan reports. “But now some are saying that maybe it will be the second quarter of next year.”

Most of the activity now is based on leasing interest prior to February and even in those cases, Fagan notes “It is hard to get them to commit.” While the Fairfield County office market is in fine shape in terms of historical performance, the market has definitely cooled as compared to last year.

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