The majority of leasing activity was driven by the Stamford CBD and Central Fairfield submarkets, totaling 262,567 square feet and 242,969 square feet, respectively. At the same time, CBRE says the Fairfield market overall was unable to absorb a number of givebacks in 2012, which was reflected in the 322,322 square feet of negative net absorption posted in the first half. Consequently, the overall availability rate increased by nearly one percentage point over the past year to 20.9%.

“Leasing activity actually picked up, and we continue to have negative absorption for the year, but we are not gaining ground on that front because the vacancy rate and availability both went up in the second quarter versus the first quarter,” Pajolek says.

Only two transactions over 50,000 square feet were closed in the first half of the year, including Freepoint Commodities LLC’s 59,000 square-foot lease at 58 Commerce Rd. in Stamford and Millward Brown International’s 50,778-square-foot deal at 401 Merritt 7 in Norwalk.

But office still can pick up, Pajolek says. As Stamford’s South End continues to benefit from ongoing revitalization, the former Harbor Plaza complex on Shippan Point is now being repositioned by new ownership. The six-building, 750,984-square-foot waterfront office park is scheduled to commence a comprehensive capital improvement campaign in the coming months.

Pricing has also edged upward. Overall asking rental rates increased over the past 12 months by $1.94 per square foot to $35.91 per square foot, mainly driven by the Greenwich, Stamford CBD and Stamford non-CBD submarkets were the primary drivers, according to CBRE.

However, Pajolek says yhe landlords that are doing all the business are meeting the market are offering concessions that are appropriate to what’s going on in the competitive landscape. “In order to be competitive today, you need to need to meet the market," he says, "I don’t think anybody is feeling that strong about their positions where they can say come get me.”