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Fairfield County

Vacancy has fallen in 2017 in the 38,100-unit Fairfield County apartment market, but landlords had to offer concessions to fill units. The October 2017 vacancy rate was 6.9%, down 60 basis points year-to-date but up 30 from mid-year. During the third quarter, the average asking rent decreased 0.5% to $2,095 per month, and the average effective rent decreased 1.2% to $2,000 per month. Despite a recovery in October, the year-to-date gains stood at plus 1.4% asking and 0.8% effective that month.
The 40.9-million-square-foot Fairfield County general purpose, multi-tenant office market is still sinking as of October 2017, with 528,000 square feet of negative net absorption year-to-date and a sky-high vacancy rate of 22.5%, which is up 90 basis points year-to-date. Average rents continue to edge up, implying that some of the vacant space is simply not competitive and thus out of the game. The average asking rent was up 0.8% year-to-date to $35.98 psf in October 2017, with the average effective rent up 0.6% to $30.06 psf.
The small 8.9-million-square-foot Fairfield County community-neighborhood shopping center market was balanced in 2017 through October, with 30,000 square feet of new development and 25,000 square feet of net absorption. The October vacancy rate was 6.2%, up 10 basis points year-to-date. Rent gains have been limited and were absent after mid-year. The average asking rent was $30.21 psf in October, up 1.1% year-to-date, and the average effective rent was $27.41 psf, up 1.2%.

Source: Data provided by Reis, inc.

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