Fairfield County’s office market recovered by leaps and bounds during the first quarter, showing signs that the market may finally have rebounded and hit an inflection point from the COVID-19 disruption.
Quarterly leasing activity set records and surpassed 1,495,000 SF, the largest amount in the last ten years. Despite net absorption being relatively low, when adjusted for a reduction in inventory, demand has pushed occupancy gains to its highest quarterly total in over five years and more than a 20% increase from the previous quarter. This lowered the availability rate 30 basis points (bps) from last quarter to 24.8%. Fairfield County continues to benefit from suburban appeal for companies looking to transition from the city or to open a second office as a hybrid work model becomes the new normal.