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One in Four Office Spaces Vacant in Malloy’s Home County

March 2, 2017 By Staff
One in Four Office Spaces Vacant in Malloy’s Home County

New data from Fairfield County suggest that employers are still reluctant to move in and hire in one of Connecticut's most active areas for business.

The national unemployment rate is 4.8%. The Dow Jones is north of 21,000 points. Small-business confidence is at a 12-year high. But in Connecticut’s powerful Fairfield County, one in four office spaces are vacant.

The Stamford Advocate reported Wednesday on “swathes of vacancies” in Fairfield County office spaces. It’s just one trend that signals the economic recovery in Connecticut lags behind the rest of the nation.

More from Paul Schott:

Almost eight years after the end of the last recession, the region still grapples with swathes of vacancies. Given the persistence of the empty spaces, developers and realtors are focused on filling those gaps, while expanding the office inventory represents a longer-term proposition.

…Fairfield County posted a 24.2 percent vacancy rate in the fourth quarter of 2016, compared with 21.5 percent during the same period in 2015, according to data from commercial real estate firm Newmark Grubb Knight Frank.

Schott notes that “an influx of millennials” may change fortunes in Stamford, Norwalk, and Danbury going forward. But, for now, it appears business confidence in Connecticut is still lagging.

There’s some irony in the fact that the aforementioned Stamford is the hometown of Gov. Dan Malloy (D-Conn.). Before his tenure as governor, Malloy was the mayor of Stamford.