Town of Fairfield strong commercial real estate market performance through pandemic

If one were looking only at the key commercial real estate metrics in Fairfield, one would not see anything unusual, like the effects of a global pandemic, taking place. Vacancy (5.1%) is at a 5 year high, but still well below the average rate of 6.6% which prevailed for the four years ending in the middle of 2014. Meanwhile, Westport’s vacancy rate is the highest it’s been in almost 15 years.

Average sales price per square foot (see chart of weighted average over rolling 12-month period) is the highest it’s been since the beginning of 2016, and sales volume has been ~$7.4M/quarter which is not far off the aver- age quarterly volume of ~$10.4M over the prior 10 years. 2020 Sales volume would exceed that of 2019 but for two portfolio sales that took place in July 2019 ($49M and $12.5M).

(All data for this article is from CoStar, commercial real estate database).