Fairfield County office market activity down

The Fairfield County office market showed a decrease in Class A leasing activity in the third quarter compared to a year ago, according to a report released today by Cushman & Wakefield. While rents continued to decline, vacancy rates increased, as the market has entered a “bottoming out” phase, the report says, with improvements expected in the near future. “The commercial real estate market in Fairfield County reflects the issues affecting the greater national economy,” said Jim Fagan, senior managing director and head of Cushman & Wakefield’s Fairfield and Westchester County region. “With a decided downward trend, due to the fundamentals of commercial real estate and how the marketplace functions, the region will be in a state of malaise for the foreseeable future. There is a sentiment, however, that the real estate market is at the bottom of a cycle and will be better in the future.” TRD