Fairfield County Office Market
The overall availability rate ended at 26.4%, improved from 27.6% a year ago and from 26.7% in the previous quarter. Although leasing volumes decreased, the removal of a long-vacant 430,000-SF block of office space at 1 Elmcroft Place in Stamford alleviated some of the high vacancy and led to net absorption figure of 491,000 SF for the year. 1 Elmcroft Road is slated for residential conversion. The market concluded 2023 with 340 deals for 2.3 million SF, 32.4% below the 10-year average of 3.4 million SF and comprised of 48 deals fewer deals than average. Declines in leasing were seen across the county except for Westport, which showed an increase of 27.5% year-over-year, and the Greenwich non-CBD market, which had a slight uptick of 2.3%. The largest decreases were seen in the Stamford non-CBD and Downtown Greenwich markets. Investment sales numbers suffered this year with falling investor demand and high interest rates. Only 481,000 SF traded for a total of $94.0 million, averaging a $220 price per SF, compared with 2.6 million SF for $650 million in 2022, at an average of $300/SF.
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