- The average office lease size in Fairfield County in 2024 was 18.4k sf, up 11.7% year-over-year. The jump in average size can be attributed to an 8.6% year-over-year increase in the average size of new leases, which sits at 14.5k sf.
- Renewals, on the other hand, have seen a 1.2% year-over-year decrease and had an average size of 33.5k sf in 2024. Despite the decline from 2023, the average renewal size has increased substantially post-Covid and is up 168.8% from it’s 2019 value of 12.4k sf.
- The year-over-year increase in average new lease size and post-Covid surge in average renewal size is an indication of tenants’ confidence in the market and their eagerness to grow their footprint, which bodes well for 2025 leasing activity.