The Real Deal New York

Office vacancy rates fell in Fairfield County during Q4, report finds

February 06, 2019 03:49PM

Fairfield County saw office vacancy rates decline at the end of 2018, as property owners became “more proactive in attracting tenants by lowering pricing objectives,” according to a fourth quarter commercial market report by Houlihan Lawrence. Greenwich was one place where leasing rates fell — the town’s rates dropped 22 percent in 2018 — although it also recovered 4 percent of occupancy in the second half of 2018 as a result, the report said. Stamford, meanwhile, enjoyed a good year due to its proximity to public transit and “the many conveniences found in urban hubs,” according to Houlihan Lawrence, which was absorbed by Berkshire Hathaway HomeServices in 2017. Properties like the former UBS building on Washington Avenue and a 15-story facility at Gateway Harbor Point reaped the benefits of a Stamford boom. Charter Communications has signed a lease to make the latter its new headquarters, while the UBS building’s new private equity owners hope an $87 million renovation will help the property find leasing success. [Houlihan Lawrence]