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Market Report

New Haven-Fairfield County Office Market Report

4Q 2023

Class B and C Demand Remains Steadfast;
Top-Tier Inventory Landscape Shifting

Smaller office-using employers drive tenant demand. Vacancy remains roughly in line with pre-pandemic norms, driven by a low metric in the Class B and C segments. The vacancy rate in these tiers held at 10.2 percent during the first half of 2023, well under the long-term average of 13.3 percent. While the metro has seen a number of larger tenants vacate the market over the past decade, southwestern Connecticut retains a solid base of smaller accounting and law firms to support demand for mid- and lower-tier office space. A notable amount of upper-tier stock available remains a caveat, however.

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