By Northeast Private Client GroupMarket Overview
The Fairfield County investment sales market has shown signs of resilience and selective growth through the first half of 2025, with performance varying by asset class. Multifamily has led the rebound with strong institutional activity and elevated pricing for quality assets, while the office sector is stabilizing through demand for medical office and adaptive reuse opportunities. Retail investment has moderated but remains above long- term averages. Industrial has been quieter on the transaction front, though pricing continues to trend upward, reflecting investor desire for functional space despite limited supply. Taken together, Fairfield County is attracting targeted capital across sectors, setting the stage for gradual recovery and renewed investor confidence.
Fairfield County Commercial Sales
| Period | # Trans. | Volume | Avg. Price | Avg. Price/SF | Avg. Cap |
|---|---|---|---|---|---|
| 2025 YTD | 207 | $658.1M | $3.18M | $165.23 | 7.3% |
| 2024 | 453 | $1.59B | $4.11M | $166.75 | 7.3% |
| 2023 | 398 | $1.39B | $5.56M | $183.13 | 6.5% | 2022 | 512 | $2.43B | $5.56M | $183.13 | 6.5% | 2021 | 595 | $2.58B | $5.03M | $178.69 | 6.4% | 2020 | 361 | $986.7M | $3.71M | $133.67 | 7.8% | 2019 | 454 | $1.56B | $4.35M | $144.09 | 7.8% | 2018 | 514 | $1.34B | $3.24M | $136.38 | 7.5% | 2017 | 415 | $1.28B | $4.09M | $153.82 | 7.5% | 2016 | 485 | $2.12B | $5.19M | $175.27 | 7.5% | 2015 | 145 | $327.7M | $2.56M | $152.85 | 7.8% |
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Quarterly Property Sales
After a strong finish to 2024, the first two quarters of 2025 maintained a steady pace of transactions, with a notable increase in sales volume in the second quarter, signaling robust investor confidence heading into the second half of the year. Going into the latter half of the third quarter of 2025, the pace at which properties were trading has slowed down. So far only 44 sales across all property types have transacted. In the 2nd quarter of this year larger assets drove activity, pushing the average deal size to $4.7 million, reflecting investors’ pursuit of scale at more favorable entry points. Overall, the quarter reflects a decisive rebound marked by stronger liquidity, larger trades, and a renewed desire for Fairfield County assets.
| Period | # Trans. | Volume | Avg. Price | Avg. Price/SF | Avg. Cap |
|---|---|---|---|---|---|
| 2025 Q2 | 103 | $413.0M | $4.69M | $174.24 | 6.0% |
| 2025 Q1 | 104 | $245.1M | $3.10M | $158.93 | 8.5% |
| 2024 Q4 | 107 | $461.8M | $5.13M | $194.38 | 7.3% |
| 2024 Q3 | 114 | $275.4M | $2.70M | $139.75 | 8.0% |
| 2024 Q2 | 118 | $391.8M | $3.84M | $166.45 | 7.1% |
| 2024 Q1 | 114 | $461.6M | $4.66M | $158.45 | 6.7% |
| 2023 Q4 | 104 | $300.2M | $3.13M | $186.82 | 7.0% |
| 2023 Q3 | 160 | $734.8M | $4.93M | $230.13 | 6.3% |
| 2023 Q2 | 88 | $179.1M | $2.60M | $199.89 | 8.1% |
| 2023 Q1 | 46 | $172.9M | $4.67M | $218.73 | 8.0% |
| 2022 Q4 | 116 | $488.3M | $4.93M | $144.11 | 6.5% |
| 2022 Q3 | 149 | $569.4M | $4.25M | $209.24 | 6.8% |
| 2022 Q2 | 152 | $993.5M | $7.82M | $214.28 | 5.9% |
| 2022 Q1 | 95 | $379.0M | $4.62M | $185.08 | 6.8% |
| 2021 Q4 | 169 | $964.8M | $6.84M | $192.30 | 6.0% |
| 2021 Q3 | 152 | $462.8M | $3.43M | $175.64 | 6.8% |
| 2021 Q2 | 167 | $752.3M | $5.05M | $176.60 | 6.2% |
| 2021 Q1 | 97 | $400.1M | $5.06M | $169.11 | 6.5% |
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Multifamily Market Overview
Institutional Confidence Fuels Multifamily Resurgence
The Fairfield County multifamily investment sales market has seen a pronounced rebound throughout the first half of 2025. Total transaction volume reached $270.3 million, more than seven times greater than the same period in 2024 and over 60 percent above the 2015 to 2019 first-half average. This marks a clear spurt of capital back into the market following a subdued 2023 and early 2024. Institutional players have re-entered the market with conviction. The return of institutional investment signals renewed confidence in Fairfield County and the broader Fairfield County multifamily sector. With pricing on recent trades reflecting a premium for quality, well-located assets, the market is re-establishing itself as a priority target for both domestic and global capital seeking suburban New York metro exposure.
| Period | Volume | Avg. Price/Unit | Avg. Cap |
|---|---|---|---|
| 2025 YTD | $290.8M | $330,783 | 6.4% |
| 2024 | $473.8M | $310,252 | 6.7% |
| 2023 | $145.0M | $136,586 | 7.6% |
| 2022 | $1.18B | $306,843 | 6.6% |
| 2021 | $1.24B | $264,468 | 6.5% |
| 2020 | $100.6M | $226,091 | 5.8% |
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Market Asking Rent Trend
Office Market Overview
Medical Office Resilience and Adaptive Reuse Lead Recovery
Despite ongoing headwinds in the financing environment, total sales volume reached $128 million in the first half of 2025, positioning the market to surpass annual totals for both 2023 and 2024. Second quarter 2025 volume was also significantly higher than the same period in 2024, signaling that positive momentum is emerging for a broader capital markets recovery. Recent investment sales above $3 million have largely concentrated in two areas: stabilized medical office assets and redevelopment opportunities. Medical office continues to demonstrate resilience compared to traditional office, while the repositioning of outdated properties into residential use remains a growing trend in Stamford and surrounding Fairfield County markets. Capital is flowing selectively into medical office and redevelopment plays, underscoring both the resilience of healthcare- oriented assets and the shift toward adaptive reuse strategies in response to Fairfield County’s challenged office sector.
| Period | Volume | Avg. Price/SF | Avg. Cap |
|---|---|---|---|
| 2025 YTD | $190.9M | $155.09 | 9.3% |
| 2024 | $189.5M | $157.17 | 8.0% |
| 2023 | $175.6M | $187.06 | 8.6% |
| 2022 | $761.9M | $230.58 | 7.1% |
| 2021 | $681.3M | $244.09 | 8.4% |
| 2020 | $221.5M | $144.65 | 9.5% |
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Office Market Asking Rent Trend
Retail Market Overview
Healthy Liquidity Persists Amid Retail Moderation
Amid a still challenging economic environment, the Fairfield County market experienced a moderation in investment sales activity during the first half of 2025. Total sales volume reached $105 million, representing a 28 percent decline from the same period in 2024. Despite the year-over-year slowdown, the figure remains healthy by historical standards, coming in nearly 20 percent above the first-half average recorded between 2015 and 2019. Transaction volume continues to be constrained by buyer hesitation, though signs of recovery are emerging. Market participants also note that capital availability remains strong, particularly for core-quality assets in secondary markets. While overall sales volume has softened compared to 2024, liquidity remains available for well-leased retail and redevelopment-driven opportunities.
| Period | Volume | Avg. Price/SF | Avg. Cap |
|---|---|---|---|
| 2024 | $345.2M | $325.70 | 7.7% |
| 2023 | $729.2M | $264.75 | 7.4% |
| 2022 | $595.9M | $204.12 | 7.0% |
| 2021 | $212.8M | $237.87 | 7.9% |
| 2020 | $51.4M | $67.51 | 10.6% |
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Retail Market Asking Rent Trend
Industrial Market Overview
Tight Supply and Rising Prices Define Industrial Market
Investor activity in Fairfield County’s industrial sector has been slow in 2025, with only $34.7 million in sales volume recorded throughout the first half of the year. While overall transaction levels remain low, pricing trends tell a different story. Industrial assets above 50,000 square feet are now commanding values well above pre-pandemic benchmarks. Properties that typically traded around $50 per square foot between 2018 and 2020 are now achieving closer to $75 per square foot or higher. Given limited transaction volume, particularly for deals over $5 million, industrial investment activity in Fairfield County is likely to remain subdued relative to the strong years of 2021 and 2022. Much of the market’s inventory is dated and does not see significant turnover. However, future public and private investment in redeveloping underutilized sites, such as ongoing efforts around the Stamford Train Station, could help attract new capital, spur development, and drive longer-term economic growth.
| Period | Volume | Avg. Price/SF | Avg. Cap |
|---|---|---|---|
| 2025 YTD | $33.8M | $68.14 | 8.5% |
| 2024 | $94.4M | $110.47 | 8.2% |
| 2023 | $86.4M | $108.59 | 7.8% |
| 2022 | $103.4M | $87.64 | 7.4% |
| 2021 | $372.0M | $183.24 | 6.8% |
| 2020 | $20.1M | $53.60 | – |
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Industrial Market Asking Rent Trend
NPCG Transactions
| Property & Address | Sale Price | Units | SF | PPU/PPSF | |
|---|---|---|---|---|---|
|
The Overlook Apartments 71 Connecticut Avenue, Norwalk CT Multi-family |
$10,500,000 | 54 | 43,632 | $318,182 / Unit |
|
Bridgeport Commons Apartments 1525 & 1535 Central Avenue, Bridgeport, CT Multifamily |
$9,900,000 | 86 | 67,313 | $115,516 / Unit |
|
Chestnut Street Townhomes 62 Chestnut Street, Danbury, CT Multifamily |
$8,475,000 | 36 | 43,120 | $235,417 / Unit |
|
Sono Harbor Landing 50 Water Street, Norwalk, CT Multifamily |
$7,828,202 | 16 | 25,434 | $307 / PPSF |
|
Morgan & Colorado Portfolio 120 Morgan Ave & 273 Colorado Ave, Bridgeport, CT Multifamily |
$4,485,000 | 39 | 21,388 | $115,000 / Unit |
Notable Transactions
| Property & Address | Sale Price | Units | SF | PPU/PPSF | |
|---|---|---|---|---|---|
|
Hayworth Wilton 25 River Road Wilton, CT Multifamily |
$65,100,000 | 102 | 179,746 | $638,325 / Unit |
|
Ridgeway Place Apartments 10 Clapboard Ridge Road, Danbury, CT Multifamily |
$54,250,000 | 192 | 275,475 | $282,552 / Unit |
|
Daycroft Apartments 1014 Blacley Rd, Stamford, CT Multifamily |
$33,200,000 | 90 | 120,156 | $368,888 / Unit |
|
Hamilton Gardens 4 Hamilton Court, Stamford, CT Multifamily |
$24,000,000 | 90 | 79,962 | $266,667 / Unit |
|
Point Rock at Oak Wood 34 Oakwood Ave, Norwalk, CT Multifamily |
$27,700,000 | 54 | 71,955 | $383,333 / Unit |
Your Market Expert
| Agent Information | Contact | |
|---|---|---|
|
Brad Balletto Managing Director, Investment Sales Licensed in: CT |
(203) 307-1574 bballetto@northeastpcg.com |
Interested in more information?
Data gathered from CoStar Inc. & Analyzed by Northeast Private Client Group. Data verified by Northeast Private Client Group [Quarter] [Year].
