Search
 

Fairfield County Rents Spiked in Q1

FAIRFIELD, CT-So says a new report which also, curiously, cites an increase in supply during the same period.

By Rayna Katz | Updated on May 09, 2013

FAIRFIELD, CT-Bucking conventional economic wisdom, rents rose in Fairfield County despite some lackluster performance in the area during the first quarter, according to a new report from Jones Lang LaSalle. Vacancy rates increased throughout the county while there was a strong uptick in the amount of quality space that became available.

Still, building owners’ confidence in the market led to a surge in rents, says Robert Ageloff, international director and head of JLL’s Stamford office, in the announcement of the report. “The Fairfield County office market is counterintuitive right now,” he says. “In the face of increasing vacancy and downward pricing pressure from new, large blocks of sublease space, rents are increasing. Landlords are forward pricing, meaning they are increasing and stabilizing rental rents based on an economic recovery that has not really happened yet, and on increased tenant demand in the market but not actual closed deals.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.