In fact, James Fagan, senior managing director and head ofCushman & Wakefield's Fairfield and Westchester Countydivision, expects rents in Downtown Stamford, CT to reach $60 a sfby year's end and $50 a sf in the near future in Downtown WhitePlains.

Cushman & Wakefield reports robust leasing activity causedthe office vacancy rate in Fairfield County to drop to 13.6% at theend of the second quarter. The vacancy rate has fallen 30% over thelast three years due to large corporate requirements and an influxof financial services firms into the Greenwich/Stamford markets,Cushman & Wakefield officials say. The brokerage firm statesthe vacancy rate in Westchester County fell from 15.4% a year agoto 14.8% at the end of the second quarter, despite some largecorporate givebacks of space of late. Newmark Knight Frank putsWestchester's office vacancy rate at 11.7% at the end of the secondquarter of 2007, down from the 13.6% rate 12 months ago. Thebrokerage firm, which has operations in Greenwich, estimates the2Q07 vacancy rate in Fairfield County at 11.6% down from the 12.8%rate a year go.

In Fairfield County, C&W notes that the former Equity OfficeProperties portfolio, through its new owner Blackstone Group andcontract vendee RFR Holdings LLC, are now charging tenants up to$90 per parking space per month, which could add up to $4.75 per sfto the rental rate depending on how many spaces a tenant requires.By mid-2007, landlords in Downtown Stamford were seeing class Arents climbing toward $50 a sf, while in Downtown White Plainsrents for prime blocks of class A space have secured rents of morethan $40 a sf. C&W has the direct average rent for class Aspace in Downtown Stamford at $40.06 and in Downtown White Plainsat $34.83 at the end of the second quarter of '07.