The commercial office market improved in the final quarter of 2010, in both Fairfield and Westchester counties, according to a Jones Lang LaSalle report released today. Strong leasing activity in both office markets helped fuel overall vacancy rate decreases, the report shows. The overall vacancy rate in Fairfield Country dropped to 22.7 percent in the fourth quarter of 2010, from 23.2 percent in the third quarter of 2010. “Given the recent improvement in office market fundamentals and a more positive overall economic outlook, it is likely the office market will continue to achieve a more balanced state during the next 12 months,” said Robert Ageloff, international director and head of JLL’s Stamford office.
In Westchester County, significant leasing activity in the final quarter of 2010 drove down vacancy rates. The overall vacancy rate fell to 19 percent in the fourth quarter of 2010, from 19.5 percent in the third quarter of 2010. “During the first three quarters of the year, the bulk of leasing activity was in the form of renewals, but by the fourth quarter, leasing showed a greater number of new transactions,” Ageloff said. TRD