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

The Fairfield County Office Market report is a trusted industry source now in its 24th 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.

Office Market Report Editorial 2nd Quarter, 2005

During the second quarter the vacancy rate for Class A office buildings in Fairfield County increased from 14.8% last quarter to 17.5% this quarter. At the end of the second quarter, there were 5,985,298 square feet of Class A space available versus 4,961,746 square feet at the end of the previous quarter. This compares to the 15.5% vacancy rate and the availability of 5,177,028 square feet one year ago.

734,048 square feet of Class A space were leased in Fairfield County this quarter versus 635,114 square feet in the previous quarter and 425,628 square feet during the same period a year ago. The average asking price has slightly increased to $29.40 per square foot from $29.18 last quarter and $28.68 twelve months earlier.

Stamford: In Stamford, the vacancy rate of Class A space increased to 17.9% this quarter from 14.8% in the previous quarter, as compared to 15.0% one year ago. A total of 386,444 square feet were leased in April-June compared to 180,183 square feet last quarter and 98,388 square feet in the same period a year ago.

There were 2,139,740 square feet of Class A space available in Stamford at the end of the second quarter versus 1,770,433 square feet last quarter and 1,794,031 square feet a year ago. The average asking price of Class A space decreased to $30.67 per square foot as compared to $31.21 per square foot last quarter and $30.53 twelve months earlier.

Major leases signed in the County during the second quarter included: GE, Statoil Marketing & Trading (US) Inc. and UBS Warburg in Stamford; Aetna Life & Casualty in Norwalk; Old Hill Partners in Darien and Kennedy Center in Shelton. There were no significant transactions that occurred in Greenwich this quarter.

For additional detailed and statistical information
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