Insignia/ESG reports the overall availability rate for Fairfield County stands at just 8.04% at the end of the third quarter 2000, down from 11.19% a year ago. A closer look at the numbers indicates that Downtown Stamford has 3.92% of class A space available. The class B availability rate of 18.69% pushed the Stamford overall availability rate to 5.53%--still a very low number. No wonder three property owners are currently marketing massive build-to-suit ventures in Downtown Stamford. The town of Greenwich also posted a low availability rate, just 6.43%.
In terms of asking rents, while the overall county rate stood at $27.63 per sf, the average asking rent in Greenwich was $40.61 and in the central business district of Stamford the rate stands at $33.51 per sf. However, Insignia/ESG officials say that at some properties in Stamford and Greenwich, owners are demanding and getting significantly higher rental rates due to the strong demand and tight market for class A space.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
