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New York

Office market slows in Fairfield, Westchester counties

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The economic downturn hit Fairfield and Westchester counties in the
fourth quarter, according to data released last week by CB Richard
Ellis. In Fairfield County, there were 84 office space leasing deals in
the fourth quarter, a 44 percent drop from the five-year quarterly
average. The availability rate increased 3.3 percent over the prior year in
the fourth quarter to 15.87 percent. In Westchester County, 1.9 million square feet of office space were leased in 2008, a 19 percent drop from 2007. The rate of availability was essentially flat at 16.33 percent. In
Westchester, the report says, space came on the market primarily
because several large companies decided to downsize or relocate. TRD