New Haven-Fairfield County
Office Market Report

Amid a tight Class B and C market, demand is improving for higher-end offices. Vacancy in New Haven-Fairfield County is on track to end this year more than 100 basis points below its 2019 mark — a feat shared only by Las Vegas. While Class B/C availability is less than half the top-tier level, downward vacancy momentum is most apparent in Fairfield County Class A offices. The rate fell by triple-digit basis points in 2024, and new move-ins are slated for 2025. Financial services firms such as GHK Capital Partners and Cook Pine Capital, as well as watch designer Timex Group, are scheduled to take up high-end space in the county this year. Commitments like these, consistently under 20,000 square feet, reflect demand for smaller floorplans; still, overall leasing activity is improving. Nearly as much space was claimed last year as in 2021 or 2022, reaching about 90 percent of the 2015-2019 annual average. Although this does not account for move-outs, this trend nevertheless underscores steady improvement in the local office sector.