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Stamford Office Availability Rate Rises Sharply

STAMFORD, CT-Tenant givebacks, sublease offerings and a slowdown in leasing velocity Downtown contributed to a more than six percentage point hike in the city's office availability rate in the second quarter, according to Insignia/ESG.

By John Jordan | Updated on July 17, 2001

STAMFORD, CT-The office availability rate Downtown soared more than six percentage points to 12.6% at the end of the second quarter, according to commercial brokerage firm Insignia/ESG. The city saw its available space soar 98% as compared to June 2000 when the rate stood at just 6.5%. Three months ago, the availability rate Downtown stood at 10.4%.

Dean Shapiro, Insignia/ESG’s executive director of its Westchester-Connecticut office, puts a less negative spin on the availability rate numbers for Stamford and Fairfield County. He notes that the statistics, while reflecting an economic slowdown, are somewhat skewed by the record activity that took place here the past two years.

“The progress made during 1999 and 2000 really cannot be compared to any other recent period of time,” Shapiro argues. “To do so paints an unfair portrait of the condition of the county’s real estate market. While what has happened thus far in 2001 is definitely on a lower scale than in other years, it is not that far off the averages.”

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