Regional Summaries

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Fairfield County

The Fairfield County apartment market April 2017 vacancy rate was 7.1%, down 40 basis points year-to-date but incredibly high compared with the sub-4.0% rates common before 2001. In the first quarter, the average asking rent increased 0.4% to $2,082 per month, but the average effective rent increased just 0.1% to $2,012 per month. Gains of 0.5% and 0.1%, respectively, followed in April.
The 40.8-million-square-foot Fairfield County general purpose, multi-tenant office market ended 2016 with an occupied inventory that was 3.1 million square feet fewer than in 2007 and 5.9 million square feet fewer than in 2000. In early 2017, net absorption totaled minus 133,000 square feet through April; but the inventory shrank, and the vacancy rate decreased 10 basis points to 21.6%. Rents are edging up at a slow but steady pace despite high vacancy. During the first quarter, both the average asking rent and the average effective rent increased 0.3% to $35.85 psf and $29.97 psf. The April gains were two cents and one cent, respectively.
The small 8.9-million-square-foot Fairfield County community-neighborhood shopping center market is expected to get an unusually large influx of new space this year, despite the negative net absorption recorded in 2015 and 2016. The community-neighborhood center vacancy rate was 6.3% in April 2017, up 20 basis points year-to-date. Rent gains have been modest for some time. In the first quarter, both the average asking rent and the average effective rent increased 0.4% to $30.00 psf and $27.19 psf, respectively. An increase of 0.3% by both measures followed in April.

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Source: Data provided by Reis, inc.

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