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Financial Service Sector Bolsters Fairfield Market

STAMFORD, CT-CB Richard Ellis and Cushman & Wakefield agree that lease transactions with hedge funds and financial services firms caused the office availability rate in Fairfield County, CT. to fall in the third quarter.

By John Jordan | Updated on October 23, 2003

STAMFORD, CT-The Fairfield County office market was dominated by a number of large office lease transactions by hedge funds and financial service firms, primarily in Norwalk and Greenwich, which prompted a decline in the county’s office availability rate.

While statistics in some cases varied widely, reports released by Cushman & Wakefield of Connecticut and CB Richard Ellis on Fairfield County’s office market stated that the county’s rate of vacant space in the third quarter of this year had fallen from rates posted a year ago.

CBRE calculated that Fairfield County’s overall availability rate dropped from 18.3% a year ago to 16.9% at the end of the third quarter this year. C&W, on the other hand, stated that the county’s office vacancy rate dipped slightly from the 20.3% posted just three months ago to 20% at the end of the third quarter of 2003.

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