Downtown Stamford as seen from a platform at the Stamford Transportation Center. (Courtesy Photo / Public Domain / DBen)

Vacancies for high-end office space in Fairfield County continued to decline this year, but still exceed the more affordable tiers of the market.

The Class A office vacancy rate declined from 27.8 percent to 26.4 percent in the first quarter of 2025 versus the same timeframe in 2024, brokerage Avison Young reported.

Class B and C properties have significantly lower availability, declining from 19.2 percent over the same period to 18.7 percent.

“As the amount of available class A space drops, tenants will shift focus to the remaining class B and C product that’s available,” Avison Young Senior Manager Danny Mangru said in a statement.

The overall availability rate countywide declined from 24.7 to 23.5 percent.

Class B and C landlords that invest in new amenities will be able to attain higher rents or cut concessions, the brokerage predicted in a market report.

While leasing activity remains sluggish, the county’s troubled office market has benefited from a recent surge of residential conversions that are removing out-of-favor commercial buildings from the market.

Local brokerages are tracking up to 1 million square feet of conversion projects across Fairfield County, many of which are taking place at class B buildings.

A recent study by think tank Brookings and architects Gensler found 18 office buildings in Stamford alone that would be suitable for multifamily conversions, potentially creating more than 3,500 housing units.

Another option for class B and C landlords is investing in amenities to attract tenants at higher rents or with fewer concessions, Avison Young’s Mangru said in the report.