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Fairfield County’s availability rate dropped by 45 basis points, driven by tenant expansions in the Greenwich-Stamford Central Business District (CBD) and non-CBD submarkets, ending 2014 at 20.5 percent.
Central Fairfield County saw a stable demand for office space over the year, with Datto Inc.’s 100,398-square-foot lease at 101 Merritt 7 in Norwalk ranking as the fourth largest transaction for the year.
Overall leasing in the county aggregated 2.9 million square feet, which was 17 percent above the five-year average of 2.5 million square feet. Confidence in the economy boosted demand for office space, CBRE said.
In Westchester County, 73,923 square feet of negative absorption was recorded, which was nonetheless an improvement over the 365,067 square feet of negative absorption seen in 2013.
Westchester East and the While Plains CBD submarkets recorded 43 percent and 21 percent of leases countywide, respectively.
The county’s largest lease during the year was for 85,000 square feet taken by MBIA Inc. at 1 & 2 Manhattanville Road in Purchase, N.Y.
CBRE found that contiguous spaces larger than 100,000 square feet in Westchester are in limited supply, with only four such blocks available countywide.
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