STAMFORD, CT—In Fairfield County, leasing during the first quarter outpaced that seen over the last quarter of 2014, rising 47% to 887,414 square feet. This was higher than the five-year historical average and is seen as a marker of increased tenant confidence, this according to a report from CBRE's Westchester and Fairfield County offices.
The largest deal in the county for the quarter was Synchrony Financial's 312,000 square feet at 777 Long Ridge Road in Stamford. The CBD and non-CBD contributed the largest volume of returns to the overall market. Partly as a result of these returns, there was 232,395 square feet of negative absorption in the county during the quarter, CBRE says.
Westchester County ended the first quarter of 2015 with an uptick in its availability rate and a slowdown in overall leasing activity. The availability rate rose over the quarter from 18.9 percent seen in the fourth quarter of 2014 to 21%. And leasing for the first quarter of 2015 fell from 296,107 square feet in Q4 2014 to 269,295 square feet in Q1 2015.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
