Rockin’ The Suburbs: Fairfield and Westchester Counties See Mild 3rd Quarter Activity
Both Westchester and Fairfield counties saw a drop in leasing activity in the 3rd quarter of 2012, CBRE announced in its market report today.
Fairfield County saw 34 fewer lease deals in the 3rd quarter from the 2nd quarter, tallying a total of 563,074 square feet as opposed to 604,790 square feet from the quarter before, according to market statistics.
Westchester County, meanwhile, saw six fewer lease deals in the 3rd quarter, notching a total of 236,392 square feet this quarter versus the 327,740 square feet leased out in the second quarter. Westchester did see a slight bump in the number of square feet leased in the year to date, going to 9.8 million square feet from 9 million square feet leased by the third quarter of 2011.
Fairfield County saw a drop in square feet leased in the year to date, going to 1.5 million square feet this year from 1.9 million square feet leased by the 3rd quarter of 2011.
Average asking rents dropped in both counties. Westchester County’s average asking rent is $26.38-a-square foot, down from $26.70-a-square-foot at the 3rd quarter of 2011, while Fairfield County dropped to $33.66-a-square-foot from, $33.99-a-square-foot.
“Overall, the statistics are bleak,” said Paul Jacobs, an executive vice president at CBRE. “That doesn’t mean that the market is reacting in a bleak manner. There is still activity, but these stats don’t necessarily show that,” he added.
Fairfield County’s most notable deal was its most recent: Charter Communications deal for 70,000 square feet at 400 Atlantic Avenue in Stamford, CT.