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Fairfield County

Apartment
Fairfield County apartment market vacancy ended 2016 at a high level that would have been unthinkable here not long ago. The vacancy rate was 7.4%, down 20 basis points over the year on 1,032 units of new supply and just over 1,000 units of net absorption. The rate increased 100 basis points in the fourth quarter as most of the year’s new supply completed construction. The overall vacancy rate slipped to 7.3% in January 2017. Rents soared here in the 1990s, but they have been rising moderately since 2002. In 2016, the average asking rent increased 2.6% to $2,056 per month, and the average effective rent increased 3.1% to $2,013 per month, including respective gains of 0.3% asking and 0.4% effective in the fourth quarter. Overall rents edged up 0.2% by both measures in January 2017.
Office
The pace is slow, but Reis data on the 40.9-million-square-foot general purpose, multi-tenant Fairfield County office market remain weak, according to Reis. The vacancy rate decreased 140 basis points in 2016 but was still 21.1% in January 2017. Rents are edging up despite high vacancy. During 2016, the average asking rent increased 0.9% to $35.75 psf, and the average effective rent rose 1.2% to $29.88 psf. The fourth quarter gain was 0.3% by both measures. Overall rents slipped 0.1% asking and a penny effective in January 2017.
Retail
Decades of restrictive suburban zoning are saving the small 8.9-million-square-foot Fairfield County’s community-neighborhood shopping center market from high vacancy in the internet retailing and suburban stagnation age. The fourth quarter vacancy rate was still 6.1%, up 50 basis points during 2016 and down 40 for the quarter alone. The rate was still 6.1% in January 2017. For community-neighborhood centers, the average asking rent increased 1.4% in 2016 to $29.88 psf, and the average effective rent rose 1.5% to $27.09 psf. The fourth quarter increase was 0.6% by both measures. Rents increased 0.1% by both measures in January 2017.

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Source: Data provided by Reis, inc.

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