FIGURES|FAIRFIELDCOUNTY|Q42025

CBRE

Despitediminishedleasing,availabilitydipsas

obsoleteofficebuildingswereremovedfromstock

24.1%

AvailabilityRate

230,546

SFNetAbsorption

320,341

SFLeasingActivity

$35.90

PSFAverageAskingRent

Note:Arrowsindicatechangefrompreviousquarter.

QUICKFACTS

-Quarterlyleasingactivitytotaled320,000sq.ft.,up1%fromthepreviousquarteranddown23%fromthefive-yearquarterlyaverage.

-Annualleasingactivitytotaled1.47millionsq.ft.,down22%year-over-year.

-Theavailabilityratedropped60bpsquarter-over-quarterto24.1%andwasdown180bpsfromayearago.

-Quarterlynetabsorptionwaspositive231,000sq.ft.,whichbroughtyear-to-dateabsorptiontopositive996,000sq.ft.

-Theaverageaskingrentmovedslightly,falling1%quarter-over-quarterandyear-over-yearto$35.90persq.ft.

MarketOverview

FairfieldCountyleasingdemandslowedin2025,butremovalsofobsoletespacekeptabsorptionpositive.Q4’s320,000sq.ft.ofleasingactivitywasdown23%fromthefive-yearquarterlyaverage.Annualleasingtotaled1.47millionsq.ft.in2025—22%behind2024figures.Averageaskingrentdeclined1%quarterlyandannually,landingat$35.90persq.ft.inQ42025.

Lowerdemandforofficespaceandstrongresidentialdemanddrivers,ledtotheremovalofnearlyonemillionsq.ft.ofobsoleteofficespaceslatedforresidentialconversionsandtargeteddemolitions.Asaresult,

availabilityfell60basispointsquarteroverquarterand180basispointsyearoveryearto24.1%—itslowestlevelsince2018.

UnlikemostoftheFairfieldmarket,GreenwichCBDmaintainedstrongfundamentalsandsomeofthenation’shighestaskingrentsat$111.84persq.ft.Thesubmarket’savailabilityrateof7.4%isthetightestinFairfield

County.

1CBRERESEARCH?2026CBRE,INC.

FIGURES|FAIRFIELDCOUNTYOFFICE|Q42025

2CBRERESEARCH?2026CBRE,INC.

EconomicConditions

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,and

strengtheningcreditmarketsarehelpingtousherrealestateintoanewcycle.

Conversely,consumerconfidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.AnnualaverageGDPgrowthwillbe

steadyin2026,at2%.Akeycatalystisasofterlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.

Connecticut’slabormarketfellby5,400positionsquarter-over-quarterinQ4(-

0.3%)andisup1,800positionsyear-over-year(+0.1%).Office-usingemployment(OUE)faredslightlyworsethantheoveralllabormarket,losing2,100positions

quarter-over-quarterinQ4(-0.6%).Financialactivitiesletgoof1,200positionsinQ4(-1.0%)whileinformationservicesreducedheadcountby800positions(-2.6%),andprofessionalandbusinessservicescontractedby100positions(0.0%).Year-over-year,OUEinConnecticutisupanetof2,200positions(+0.6%).Connecticut’sOUEcurrentlystandsat100.3%ofthepre-pandemiclevel.

Connecticut’soverallunemploymentis3.8%,unchangedsinceMay2025.Thenationalunemploymentrateis4.6%.

LeasingActivity

FairfieldCountyrecorded320,000sq.ft.ofleasingactivityinQ4—23%belowthefive-yearquarterlyaverage.Full-yearleasingtotaled1.47millionsq.ft.,down22%from2024.Theresultsunderscoreayearmarkedbylimitedtenantrelocations.

Despitethereductioninleasingvolume,therewasstillastrongpreferenceforhigherqualityspace.

ClassAspacecontinuedtodominatetenantdemand,accountingfor71%of

quarterlyandannualleasingactivity.Annually,ClassAbuildingscaptured1.04millionsq.ft.ofnewactivity,reflectingtenants’ongoingdesireforhigh-quality,amenity-richofficeenvironments.

FIGURE1:HistoricalLeasingActivity

SFinMillions

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Q3

Q4

Q2

Q1

20152016201720182019202020212022202320242025

Source:CBREResearch,Q42025.

FIGURE2:TopTransactions|Q42025

Size

(Sq.Ft.)

Deal

Type

Direct/

Sublet

Tenant

Address

Submarket

59,729

R

D

UBSAG

600WashingtonBoulevard

StamfordCBD

50,000

L

D

FirstQualityRetailServices

75CorporateDrive

FairfieldEast

45,615

R

D

Henkel

30TrefoilDrive

FairfieldEast

33,546

R/E

D

iCapitalNetworks

850CanalStreet

StamfordCBD

25,000

R

D

Henkel

4TrefoilDrive

FairfieldEast

Source:CBREResearch,Q42025.Lease(L),Renewal(R),Expansion(E),RenewalandExpansion(RE),Direct(D),Sublet(S).

3CBRERESEARCH?2026CBRE,INC.

400AtlanticStreetinStamfordwasFairfield’smostactivebuildingbyspaceleased,notching

103,000sq.ft.ofnewactivityin2025through11newtransactions—whichaccountedfor27%ofannualactivityinStamfordCBD.

StamfordCBDledFairfieldCountyinleasingactivitywith67,000sq.ft.completedinQ4,endingtheyearwithatotalof380,000sq.ft.Althoughittalliedmorenewleasingthananyother

submarket,thiswasStamfordCBD’slowestannualleasingfiguresince2013.Severalbuildingswerebeingmarketedforsaleoraddressingdebtandfundingconstraints,whichcurtailed

leasingandrenderingthemunavailableforprospectivetenants.Withtheresolutionofthese

situationsandthe350,000sq.ft.ofactiverequirementstouringdowntown,thedemandoutlookforthesubmarketisoptimistic.StamfordCBDalsosecuredthetwolargestdealsoftheyear:

UBS’s60,000sq.ft.full-floorrenewalat680WashingtonBoulevardandCummings&Lockwood’s56,000sq.ft.renewalat6LandmarkSquare.

CentralFairfieldfinished2025with354,000sq.ft.ofannualleasing,down54%comparedto

2024’stotal.ThesubmarketalsosecuredFairfieldCounty’ssecondlargesttransactionof2025,withCommonFund’s40,000sq.ft.relocationto601Merritt7inNorwalk,closedinQ12025.

EasternFairfieldendedonastrongnotefor2025,notching87,000sq.ft.ofnewactivity—26%abovethefive-yearaverage.Thesubmarketsawitsbestannualleasingtotalsince2022with

SFinMillions

323,000sq.ft.leased—a19%improvementfrom2024.ThesubmarketcapturedthelargestnewleaseofQ4withFirstQualityRetailServices’50,000sq.ft.newleaseat75CorporateDriveinTrumbull—thelargestleaseseeninTrumbullsincethefallof2022.

Duetolimitedavailability,leasinginGreenwichwasrelativelymildduring2025.GreenwichCBDandNCBDsawQ4totalsof59,000sq.ft.and9,000sq.ft.,respectively,whichbroughtayear-endtotalof270,000sq.ft.forthecityofGreenwich.Thelargestnewdealofthequarter

occurredat1PickwickPlazainGreenwichCBD,whereAlvarez&Marsalexpandedtheirofficespaceby20,000sq.ft.

FIGURE3:QuarterlyLeasingActivitybySubmarket

SFinMillions

0.16

0.14

0.12

0.10

0.08

0.06

0.04

0.02

0.00

Stamford

N/CBD

Greenwich

N/CBD

North

StamfordCBDCentralEastGreenwich

CBD

5YQuarterlyAvg.Q42025

Source:CBREResearch,Q42025.

FIGURE4:AvailabilityRate|Directvs.SubleaseBreakdown

12.00

10.00

8.00

6.00

4.00

2.00

0.00

4Q2025

3Q2025

2Q2025

1Q2025

4Q2024

3Q2024

2Q2024

1Q2024

4Q2023

3Q2023

2Q2023

1Q2023

4Q2022

3Q2022

2Q2022

1Q2022

4Q2021

3Q2021

2Q2021

1Q2021

4Q2020

3Q2020

2Q2020

1Q2020

4Q2019

3Q2019

2Q2019

29.0%

28.0%

27.0%

26.0%

25.0%

24.0%

23.0%

22.0%

21.0%

SubleaseSpacemmDirectSpaceOverallAvailbilityRate

Source:CBREResearch,Q42025.

FIGURES|FAIRFIELDCOUNTYOFFICE|Q42025

4CBRERESEARCH?2026CBRE,INC.

NetAbsorptionandAvailability

FairfieldCounty’savailabilityratefell60basispointsquarter-over-quarterto24.1%—thelowestmarksince

2018.Quarterlyabsorptionwaspositive231,000sq.ft.inQ4,whichbroughttheannualtotaltopositive

996,000sq.ft.—thethirdconsecutiveyearofpositiveabsorptionandthehighestpositiveannualfigureeverrecorded.

Severalofficebuildingsslatedforconversionordemolitioncontributedgreatlyto2025’spositiveabsorption.Notableexamplesofbuildingsbeingremovedfromofficestockare:120LongRidgeRoad,177BroadStreet,and201BroadStreetinStamford,andaportionof39OldRidgeburyRoadinDanbury.

StamfordCBDexperiencedasubstantialdeclineintheavailabilityrateinrecentyears,drivenlargelybya

waveofoffice-to-residentialconversions.Availabilityfellto21.3%,down10basispointsquarteroverquarterand150basispointsyearoveryear.Themarkethasnowseentheavailabilityratefall1,040basispointsfromthepost-pandemicpeakin2023.Reinforcedbysevenconsecutivequartersofpositiveabsorption,the

submarketwitnessedannualabsorptionof184,000sq.ft.

StamfordNCBDrecorded288,000sq.ft.ofpositiveabsorptioninQ4,drivenprimarilybythe310,000sq.ft.withdrawaloftheformerGeneralReinsuranceheadquartersat120LongRidgeRoadasBLTearnedcity

approvalforateardownofthecomplex,pavingthewayfor102newtownhomes.Thisbroughttotal

absorptionfor2025topositive488,000sq.ft.Availabilitynowstandsat34.0%,markinga570basispointreductionfromQ3.

CentralFairfieldsawnegative16,000sq.ft.ofabsorptioninQ4,bringingthe2025totaltopositive278,000sq.ft.Therecentlyapprovedapartmentconversionsat101and201Merritt7inNorwalkand120TokenekeRoadinDarienallcontributedtothepositiveyear-endabsorption.CurrentavailabilityinCentralFairfieldsitsat26.5%,up10basispointsfromthepriorquarterbutdown250basispointsfromthistimelastyear.

GreenwichCBDnotcheditsfifthconsecutivequarterofpositiveabsorptioninQ4,totaling5,000sq.ft.,

whichbroughtannualabsorptionfigurestopositive40,000sq.ft.Currentavailabilityisat7.4%,200basispointslowerthanlastyear.

FairfieldEastnotched29,000sq.ft.ofpositiveabsorptioninQ4,butwastheonlysubmarkettoseenegativeannualabsorption,whichtotaled50,000sq.ft.Thesubmarketsawtwoofthetopfivelargestspace

additionsin2025occurringinBridgeport:theGSA’smulti-floorgive-backat350FairfieldAvenueandM&TBank’stwo-floorgive-backat850MainStreetheightenedyear-endavailabilityto23.9%.

FIGURE5:AnnualAbsorptionandAvailabilityRate

SFinMillions

2.00

1.50

1.00

0.50

0.00

(0.50)

(1.00)

(1.50)

20152016201720182019202020212022202320242025

NetAbsorptionAvailabilityRate

Source:CBREResearch,Q42025.

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

FIGURES|FAIRFIELDCOUNTYOFFICE|Q42025

5CBRERESEARCH?2026CBRE,INC.

AverageAskingRent

AverageaskingrentinFairfieldCountyfell1%quarter-over-quarterandyear-over-yearto$35.90.County-wideaskingrentshaveremainedremarkablystableformorethana

decade,holdingwithinanarrow$34–$38rangeOnlytwosubmarketssawnoteworthychangesin2025.

StamfordNCBDwastheonlysubmarkettoseeasignificantquarterlyincreaseinaskingrent,up6%quarter-over-quarterto$34.17persq.ft.Theincreasecamefrom3001

SummerStreet,wherePitneyBowesgaveback85,000sq.ft.ofaboveaveragepricedClassAspace.

GreenwichCBDsawannualrentincreasesof5%to$111.84persq.ft.,thehighestmarkthesubmarkethaseverseen.Above-averagepricedspaceadditionsat145MasonStreetand200GreenwichAvenuehavecontributedheavilytotheincreaseinrent.

FIGURE7:AverageAskingRent|BySubmarket

PerSq.Ft.

$44

$40

$36

$32

$28

FIGURE6:AverageAskingRent|QuarterlyHistorical

FairfieldCountyAvg.AskingRentSource:CBREResearch,Q42025.

$120

$100

PerSq.Ft.

$80

$60

$40

$20

$0

Source:CBREResearch,Q42025.Q42024Q42025FairfieldCounty

FIGURES|FAIRFIELDCOUNTYOFFICE|Q42025

6CBRERESEARCH?2026CBRE,INC.

FIGURE8:Q42025.|MarketStatistics

Submarket

MarketRentableArea

(MSF)

TotalAvailable

(MSF)

AvailabilityRate

(%)

VacancyRate

(%)

NetAbsorption

(SF)

LeasingActivity

(SF)

AverageAskingRent

($/SF/Year)

GreenwichCBD

2.17

0.16

7.4%

7.4%

5,187

59,006

$111.84

GreenwichNon-CBD

2.04

0.42

20.8%

19.2%

(13,899)

9,261

$53.93

StamfordCBD

9.97

2.13

21.3%

20.2%

5,784

67,066

$47.19

StamfordNon-CBD

5.06

1.72

34.0%

32.7%

288,044

61,858

$34.17

CentralFairfield

9.22

2.45

26.5%

24.4%

(15,703)

10,131

$35.21

EasternFairfield

6.73

1.61

23.9%

22.3%

(68,059)

86,676

$20.16

NorthernFairfield

3.11

0.75

24.3%

24.2%

29,192

26,343

$20.82

FAIRFIELDCOUNTY

38.30

9.24

24.1%

22.8%

230,546

320,341

$35.90

Source:CBREResearch,Q42025.

FIGURES|FAIRFIELDCOUNTYOFFICE|Q42025

MarketAreaOverview

Definitions

Availability:Spacethatisbeingactivelymarketedandisavailablefortenantbuild-outwithin12months.Includesspaceavailableforsubleaseaswellasspaceinbuildingsunderconstruction.

AskingRent:Weightedaverageaskingrent.

LeasingActivity:Totalamountofsq.ft.leasedwithinaspecifiedperiodoftime,includingnewdeals,expansions,andpre-leasing,butexcludingrenewals.

LeasingVelocity:Totalamountofsq.ft.leasedwithinaspecifiedperiodoftime,includingnewdeals,expansions,andpre-leasingandrenewals.

NetAbsorption:Thechangeintheamountofcommittedsq.ft.withinaspecifiedperiodoftime,asmeasuredbythechangeinavailablesq.ft.

Vacancy:Unoccupiedspaceavailableforlease.

SurveyCriteria

CBRE’smarketreportanalyzesFairfieldCounty’sfullymodernizedofficebuildingsthattotal20,000SForlarger,ClassAandBonly,multi-storied,conventionallymodernized,andnotownedandoccupiedbyagovernmentormedicalinstitution.Newconstructionmustbeavailablefortenantbuild-outwithin12months.CBREassemblesallinformationthroughtelephonec