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Fairfield Market Apprehensive About Future

STAMFORD, CT-Battered by an economic slowdown that caused a large amount of space to come back on the market for sublease in 2001, Fairfield County office brokers and property owners are hopeful that conditions will improve in 2002.

By John Jordan | Updated on January 09, 2002

STAMFORD, CT-Commercial office brokers and property owners are hopeful that the national and local economies will improve in 2002 to help stabilize the market that saw a significant downturn take hold in the middle to latter parts of 2001.

Dean Shapiro, executive director of Insignia/ESG’s Westchester and Connecticut operations, says that the office availability rate soared to 16.32% for Fairfield County, up significantly from the 9.14% rate posted a year earlier.

The county, which benefited greatly from the emergence and growth of new technology companies, saw a great deal of office space turned back to the market for lease due to the downturn in that sector in 2001. Shaprio relates the county ended the year with a negative absorption of 1.2 million sf of space.

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