Mid-Year 2022 Availability Rate Increases
Equal Amounts of Sublease and Direct Space Added to Suburban Office Market
NORWALK, Conn., July 25, 2022 - Choyce Peterson, Inc. (www.choycepeterson.com), a full service commercial real estate brokerage firm with a specialization in tenant representation, announced the release of its 25th semi-annual Lower Fairfield County Office Space Availability Poster. The full-size poster depicts silhouettes of 96 buildings with a total inventory of 18.2 million square feet (sf) and tracks changes in office space availability from Year-End 2021 to Mid-Year 2022 in larger, primarily multi-tenanted Class A office buildings in Stamford, Norwalk, Greenwich, and Westport. The unique study illustrates the absorption and give back of direct and sublease space, as well as overall availability statistics.
This report shows a 3.1 percentage point increase in total availability during the first half of 2022, from 28.9% at Year-End 2021 to 32.0% at Mid-Year 2022. Of the increased availability, there was almost an equal amount of sublease space (280,952 sf) and direct space (274,519 sf) added. Total available space of 5,832,853 sf is comprised of 4,013,447 sf (68.8%) on a direct basis, while 1,819,406 sf (31.2%) is sublease space.
Click here to download the full press release!
Click here to download the full poster!