by Albert B. Ashforth, Inc. – Corporate Real Estate Brokerage

The Fairfield County Office Market report is a trusted industry source now in its 23rd year. The Ashforth Team tracks and reports quarterly, commercial activity countywide. The information that is gathered is based on the asking terms and current vacancy rates for every building in Fairfield County.

During the fourth quarter the vacancy rate for Class A office buildings in Fairfield County increased slightly from 15.0% last quarter to 15.5% this quarter. At the end of the fourth quarter, there were 5,223,196 square feet of Class A space available versus 5,029,609 square feet at the end of the third quarter. This compares to a 16.9% vacancy rate and 5,735,298 available square feet at the end of 2003.

567,838 square feet of Class A space were leased or taken off the Fairfield County market this quarter versus 573,369 square feet in the previous quarter and 822,310 square feet during the same period a year ago. Fourth quarter asking rents averaged $29.78 per square foot, down from last quarter’s $28.77 average and the $28.39 average at the end of 2003.

In Stamford, the Class A vacancy rate decreased slightly to 15.0% this quarter from 15.3% last quarter, compared to 15.4% one year ago. Among Class A buildings in Stamford, 152,217 square feet were leased this quarter compared to 108,777 square feet last quarter and 163,584 square feet in the fourth quarter one year ago.

There were 1,790,771 square feet of Class A space available in Stamford at the end of the fourth quarter versus 1,820,654 square feet last quarter and 1,837,764 square feet a year ago. The average asking price of Class A space remained relatively the same at $30.78 per square foot compared to $30.74 per square foot last quarter and $30.80 in the fourth quarter 2003.

For the final quarter of 2004, the following significant leases were signed in the County: Citation Shares, Greenwich Capital, Frontpoint Partners, Silver Point Capital, Fisher Shoes and Marshall Wace in Greenwich; UBS Warburg, K2 Advisors, Smith Barney and Pullman & Comley in Stamford; Circle Trust Company in Darien; Interpublic Group, Media Horizons and CompHealth in Norwalk; The Bridgewater Group, Preferred Retreats and Roger Ferris + Partners in Westport; Baldwin Technology Company in Shelton; and Trilegiant Corporation in Trumbull.

For additional detailed and statistical information
call Albert B. Ashforth, Inc at: 203.324.4844 or E-Mail us:
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George R. Walker, Senior Vice President gwalker@ababroker.com
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