Vacancy rates for commercial office space in downtown reportedly increased to 27.4% in the first quarter of 2012, up slightly from 26.2% in the fourth quarter, and up considerably from 23.7% the first quarter of 2011, according to Cushman & Wakefield's quarterly Fairfield County commercial real estate market report.
According to the , the increase is in part attributable to the addition of UBS’ 110,346 square feet of sublease space and Sorin Capital’s 17,500 square feet of sublease space, both at 400 Atlantic Street.
Overall, available space in the Stamford commercial business district increased 5% from last quarter, reaching 1,736,475 square feet, according to the report. That's up from 1,653,954 square feet in the fourth quarter and 1,492,149 square feet in the first quarter of last year.
The overall vacancy rate for non-commercial business district space was 26.7%, only a slight increase from the 26.6% recorded in the fourth quarter, and a 3.5% increase from the 25.8% recorded in the first quarter of last year.
The overall vacancy rate for Fairfield County continues to hover around 21 percent, according to the report.
For more, check out the Cushman & Wakefield report.