Commercial brokerage firm Cushman & Wakefield ofConnecticut, Inc., in its analysis of the Fairfield County officemarket in the third quarter, reports that the overall vacancy ratein the county rose from 12% at mid-year to 14.1% at the end of thethird quarter.
"The real estate market in Fairfield County has changeddramatically over the past three months," says Kenneth M. Krasnow,regional managing director for Cushman & Wakefield ofConnecticut. "After slowing from record activity in 2000, activityin Fairfield County remained slow for much of the quarter andtenants waited to make decisions until economic indicators becamemore certain."
He continued that a year ago bidding wars for available spacewere commonplace and companies aggressively snatched up space forfuture expansion needs. So far in 2001, "Tenants have reevaluatedspace requirements and returned excess space to the market,"Krasnow notes.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
