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Fairfield County office market recovering.

The Fairfield County office market continues on a recovery track, with nearly 363,000 square-feet of space absorbed during the third quarter of this year, according to a quarterly survey released today by Rostenberg-Doern Company Inc.

The vacancy rate for the county at the end of the third quarter was 22.8 percent, down slightly from 23 percent at midyear. The third-quarter vacancy rate in downtown Stamford was 20.4 percent, down from the midyear vacancy rate of 21.1 percent and 22 percent at the beginning of this year.

Absorption, which is the net increase or decrease of occupied space, totaled 362,626 square-feet countywide for the past three months. The nine-month absorption totals stand at approximately 1.1 million square-feet for the county and 232, 181 square-feet for downtown Stamford.

Three of the four market areas surveyed reported positive absorption, with the western half of the county leading the way with 222,089 squarefeet absorbed. The northern portion of the county reported a negative absorption of 111,750 Square-feet.

"The Fairfield County office market is experiencing good solid activity with a broad based mix of relocations from Manhattan, moves within the county and expansions by existing companies," said Gerard P. Hallock, Senior Vice President and Principal of Rostenberg-Doern Company.

Hallock said that Fairfield County has been a major beneficiary of the economic development efforts by the state to assist companies in moving to Connecticut. "The recent relocations to Fairfield County by Witco and Dun and Bradstreet have really energized this market. Fairfield County is now being viewed very positively and companies are moving to lock in their best deals," he added.

The survey of Fairfield County's four markets showed: Downtown Stamford, which is the county's Central' Business District, had a third quarter absorption of 100, 115 square,feet and a decline in its vacancy rate to 20.4 percent. MAJOR DEALS: U.S. West (22,750), Norelco (20,000) and Thompson Publishing (17,000).

Fairfield East, which is the Shelton-Trumbull area, reported an excellent absorption of more than 152,000 square-feet of space for the quarter. However, the vacancy rate rose slightly to 28.6 percent, primarily due to an addition to the inventory of a 330,000 square-foot office building in Shelton that was formerly occupied by Richardson-Vicks and is now available for lease. MAJOR DEALS: Sikorsky Federal Credit (40,000) and Lincoln National Life (7,500).

Fairfield West, the market that includes Greenwich and Norwalk, had the highest absorption in the county, 222,089 square-feet. The vacancy rate dropped from 22.5 percent at midyear to 20 percent. Absorption for the nine, month period totaled 579,849 square-feet. MAJOR DEALS: Walter Karl (60,000), Weeden Co. (20,000) and Long Term Capital (17,777).

Fairfield North, which is the Danbury market, suffered a negative absorption of 111,750 square-feet. Companies reducing their space requirements in this market over the past three months included IBM and Union Carbide. MAJOR DEALS: PHH (92,500), Lorad (30,000) and Morganty (16,000).

The Rostenberg-Doern Company quarterly office report is the most comprehensive survey of its kind on the Fairfield County office market. A total of 439 multi-tenant buildings in Fairfield County were surveyed. Government owned and occupied buildings, owner occupied buildings, medical office buildings and buildings under 20,000 square-feet were excluded.
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Title Annotation:Suburban Markets; Fairfield County, Connecticut office leasing market
Publication:Real Estate Weekly
Date:Oct 20, 1993
Words:553
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