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Market Report

New Haven-Fairfield County Office Investment Forecast

2020 Outlook

Construction Activity Rises With Charter Expansion; Sales Prices Continue to Climb Across Both Counties

 

A marquee delivery comes to Fairfield County; rents rise in New Haven County. Stamford’s Harbor Point, the mixed-use redevelopment of former industrial land, will welcome the first of two buildings to be occupied by Charter Communications this year. The 500,000-square-foot complex will serve as the cable company’s new headquarters and aid in the firm’s plans to double its local workforce. The sizable completion also raises the region’s 2020 delivery total to over 620,000 square feet, marking the second most active year for construction so far this cycle. Multiple other Fairfield County openings are contrary to the trend of the past 10 years of more space being finalized in New Haven County. Despite the recent influx of arrivals, overall inventory in New Haven County remains well below that of Fairfield County, helping keep vacancy about 400 basis points tighter in the former county. Comparatively lower rents are also encouraging demand. The average asking rate in Fairfield County has receded from the 2017 cycle peak but is still 50 percent higher than the New Haven average, which is reporting stronger growth.

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