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Fairfield County Office Market Snapshot 4Q 2020

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Despite a continued uptick in the amount of newly available sublease space, Fairfield County’s total office availability rate rose just 10 basis points (BPS) from last quarter to 25.4%, which is still the highest rate on record. It would have been an even higher record rate, had it not been for Nuvance Health and their 220,000 SF new lease signed at 39 Old Ridgebury Road in Danbury, which was the largest lease signed this year. Still, occupiers continued to bring newly available sublease space to the market, which rose 18.0% from the previous quarter, and 53.6% from the beginning of the year. While COVID-19 has punished many office occupiers in the County, the largest contributor to the sublease market was Cartus, which is suffering from an unrelated loss of its largest customer and is now offering 241,650 SF for sublease at their headquarters at 40 Apple Ridge Road in Danbury. Total leasing activity reached 711,780 SF, which was a 21.4% increase over last quarter, but still 17.4% less than last year. It was boosted primarily by the aforementioned lease by Nuvance Health, along with Terex, who moved their 40,718 SF operations to 45 Glover Avenue in Norwalk. Notably, there were several companies that moved their operations out of New York City to Fairfield, the largest of which was GameChange Solar, which signed for 14,000 SF at 230 East Avenue in Norwalk. With recent news of a new vaccine being distributed, there is some optimism that Fairfield’s office market will return to some semblance of normalcy in the new year, though it is still unclear how it will compare with its newest competitor –the home office.


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Fairfield County Office Market Snapshot 4Q 2020

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