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Class A Dwindles, Rents Rise In Fairfield County
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BNH
6/1/2000
By: BNH
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Landlords in Fairfield County are increasing rents for Class A office space as availability declines and demand continues to rise, according to the Quarterly Market Report issued by Albert B. Ashforth Inc. Corporate Real Estate Brokerage.
According to Michael Tortore, a commercial broker for Albert B. Ashforth, “There is a very small amount of available office space in Fairfield County and this puts added pressure on tenants who are looking to expand or begin operations here. It means that brokers need to be even more creative in order to meet the needs of tenants.”
Tortora points to the tight market, including expansions of exisiting companies and the heavy influx of new, Internet-related companies, as contributing to the landlord's market. The future of the market will depend on the economy, but there are no indications that the situation will improve as time soon.
The Class A vacancy rate had dropped to 6.8 percent in the first quarter of 2000, compared to eight percent at the end of the fourth quarter in 1999. Average asking prices for Class A office space finished the first quarter of 2000 at $28.30 per square foot, compared to $26.80 per square foot for the last quarter of 1999.
According to the Quarterly Market Report, Fairfield County showed 2,228,512 square feet of available Class A office space as of March 31 of this year, compared to 2,640,528 square feet at the end of the fourth quarter in 1999.
Bridgeport shows a vacancy rate for Class A office space of 2.2 percent. The state of Connecticut is listed as one of Bridgeport's major leases in the first quarter of 2000. Other major leases include Neuvis Inc., Silverstream Software Inc. and SiteShell Corp., all of which leased space in Shelton. BNH
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