STAMFORD, CT—There was some great news in the office market inFairfield County in the second quarter, which was negated somewhatby some bad news. The office market saw a number of significantlease transactions, but also suffered a number of large spacegivebacks by area corporations.

In its second quarter office market report, brokerage firmColliers International reports the market wasbolstered by large transactions in the technology, hospitality,healthcare, and media sectors. However, large space givebacks mutedthe effect of those transactions. In fact, Colliers states that theFairfield County market posted a negative 425,892 square feet ofabsorption as compared to a positive 250,208 square feet lastquarter.

“There is a significant flight to quality in the FairfieldCounty market, with tenants taking advantage of buildings that havebeen upgraded by landlords, offer an array of amenities, and are inclose proximity to train stations and ample parking,” saysMichael Siegel, an executive managing director inthe Connecticut office of Colliers International. “The ongoingdevelopment of more than 1,000 housing units in Stamford andNorwalk also makes the market more attractive to tenants as it willgrow the built-in labor supply and naturally draw in restaurantsand support retail.”