Cushman & Wakefield Reports Vacancy Rate Rise in Fairfield County

STAMFORD, CT-In the third quarter, companies were already showing signs of reevaluating their prior office space requirements in Fairfield County even before the terrorist attack on the World Trade Center in Manhattan on Sept. 11.

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.”