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Subleases Batter Fairfield Office Market in Third Quarter

STAMFORD, CT-The Fairfield County office market in the third quarter was once again hammered by sublease space put back on the market. The county's office availability rate rose almost two percentage points to 18.25 percent, according to Insignia/ESG.

By John Jordan | Updated on October 08, 2002

STAMFORD, CT-In the past three months, a continued influx of sublease space put on the market throughout Fairfield County has caused the region’s office availability rate to rise once again.

According to brokerage firm Insignia/ESG, the office availability rate in Fairfield now stands at 18.25%. At the end of the second quarter, the rate stood at 16.55%. A year ago, the percentage of available space in the county was just 12.72%.

The amount of sublease space on the market now stands at 2.5 million sf, up 66% from last year when 1.5 million sf of sublease space was available, according to Steven Greenbush, managing director with Insignia/ESG. Some of the large blocks of space put on the sublease market include 40,000 sf in Stamford by Philip Morris and 17,500 sf by Dannone Water in Wilton.

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