Counties’ Leasing Doesn’t Jibe with Job Numbers

One county is experiencing job growth, while the other is seeing a decline. However, Cushman & Wakefield says the employment statistics don’t jibe with office vacancies in Fairfield and Westchester counties.

Despite a 17-year low in unemployment, year-to-date office leasing activity for Fairfield County through Sept. 30 was down 17.5% from the year-ago period. The decline was due mainly to fewer large-block leases, and Fairfield vacancies stayed elevated at 26.7%.

“Leasing activity is expected to become more robust in the following months, as there are several large notable transactions that could occur before year-end,” said Cushman & Wakefield’s Jim Fagan.

Across the state line in New York, employment in Westchester contracted by 4,361 jobs from a year ago, although unemployment is still below the national average. However, Cushman & Wakefield says YTD leasing in Westchester actually increased by 20.4%.

Fagan said he expects a strong finish to Westchester’s 2019 office leasing.

Pictured: 677 Washington Blvd. in Stamford, CT, which saw Q3’s largest office lease for Fairfield County.

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