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Fairfield County Office Market Report 1Q 2020

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Leasing activity got off to a slow start in 2020, down 32.6% from last quarter, and 22.7% below the historical first quarter average. Despite Purdue Pharma giving back approximately 200,000 sf, demand was fueled mostly by Purdue retaining 104,000 sf and renewing at 201 Tresser Boulevard in Stamford, and ImageFirst's 65,000 sf new lease at 50 Commerce Drive in Trumbull. Despite the drop in demand, supply was relatively stable, increasing only 20 basis points (bps) during the first quarter to 24.2%. Asking rents however, declined for the third straight quarter to $31.71/sf.

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Fairfield County Office Market Report 1Q 2020

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