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Sublease Space Up and Rents Coming Down in Fairfield County

STAMFORD, CT-The influx of sublease office space on the market in the past few months has led to downward pressure on asking rents here in Fairfield County, according to several area commercial brokerage firms.

By John Jordan | Updated on November 09, 2001

STAMFORD, CT-Several area brokerage firms report that the slowing economy as well as the terrorist attacks of Sept. 11 have caused many companies to put some space on the sublease market in Fairfield County. That glut of new available space has also placed downward pressure on office rental rates.

John Stoddard, a broker with Albert. B. Ashforth Corporate Real Estate Brokerage of Stamford, says that although office vacancy rates have risen recently due to a slowing economy and the after effects of the terrorist attacks of Sept. 11, the Fairfield County office market is not as weak as the vacancy numbers might indicate. Albert. B. Ashforth reports that the third quarter office vacancy rate for Fairfield County rose from 10.5% in the second quarter to 11.9% at the end of the third quarter.

Stoddard notes, “There is a large amount of space that tenants intend to sublease. This means that while space may technically be available to a subtenant, it is nevertheless providing landlords with rental income.”

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