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Office Leasing Gains Strength in Fairfield, Westchester

First-quarter office leasing in Westchester County improved by 22.5% compared to the same period last year, says CBRE, while Fairfield County opened 2019 with the strongest Q1 of leasing activity since 2015. Fairfield’s 725,000 square feet of leasing in Q1 was 9.2% above the five-year quarterly average.

“In Fairfield County, we’re continuing to see the trend of tenants migrating into higher-quality space in CBDs, like Stamford and Greenwich, which are close to mass transit and retail,” said EVP Tom Pajolek at CBRE. “We’re also seeing more adaptive reuse projects take shape across the county, which is shrinking our overall office supply.”

Although Westchester’s Q1 tally was below the five-year average, the county’s availability rate reached its lowest point in more than five years, according to CBRE. “We’re seeing more tenants put an emphasis on finding space that allows their employees flexibility—both in layout and location,” said EVP Bill Cuddy.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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