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Avison Young Releases Q4 2022 Fairfield County Office Report
January 12, 2023
Quarterly report reveals office market trends, including record sales volume and high return-to-work rates in Q4 2022
Norwalk, CT –Avison Young today released its Fourth Quarter 2022 Office Market Report for Fairfield County. The report indicates that $634 million in sales volume was transacted in 2022, averaging at $355 per square foot, which is a record high for both metrics, and that occupancy loss remains steady, at only -0.4% in 2022.
“Office visitor volumes are up, we’re currently at 134% of where we were at the same time last year, and we’re outpacing the rest of the noted office markets in the Northeast – combined with record-making sales volumes and 2.2% increase in nonfarm jobs, this is a key indicator that optimism in the office market is here and investors continue to be interested in our area,” said Sean Cahill, Principal and Managing Director of the firm’s Fairfield/Westchester office.
The record sales volume and average pricing for 2022 were driven by Greenwich, Westport, and New Canaan registering the highest pricing and accounting for almost half of the transactions in 2022 above 20,000-sf.
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Nathan Reyna, Media Relations Specialist, Midwest & Northeast: +1.972.533.1396