Commercial brokerage firm Cushman & Wakefield of Connecticut, Inc., in its analysis of the Fairfield County office market in the third quarter, reports that the overall vacancy rate in the county rose from 12% at mid-year to 14.1% at the end of the third quarter.

"The real estate market in Fairfield County has changed dramatically over the past three months," says Kenneth M. Krasnow, regional managing director for Cushman & Wakefield of Connecticut. "After slowing from record activity in 2000, activity in Fairfield County remained slow for much of the quarter and tenants waited to make decisions until economic indicators became more certain."

He continued that a year ago bidding wars for available space were commonplace and companies aggressively snatched up space for future expansion needs. So far in 2001, "Tenants have reevaluated space requirements and returned excess space to the market," Krasnow notes.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.