In Connecticut, office space lease rates generally range between $16 and $28 per square foot per year, depending on several factors including location, building quality, and amenities offered.
Average Office Lease Rates in Connecticut
- Statewide Average: $16 to $28 per square foot per year (PSF/YR)
- Lower-cost towns: $9.75 to $16 PSF/YR
- Higher-end markets: Up to $28 PSF/YR
Factors That Influence Office Lease Rates in Connecticut
- Location
- Urban centers like Stamford and Hartford typically command higher rates due to proximity to business districts, public transit, and amenities.
- Suburban or industrial areas may offer more affordable lease options.
- Building Age and Condition
- New or recently renovated properties often lease for a premium.
- Older buildings without upgrades may offer lower rates but fewer amenities.
- On-site Amenities
- Properties with gyms, cafeterias, parking, and concierge services often charge higher rates.
- Lease Term
- Long-term leases may offer cost savings but require a longer commitment.
- Shorter-term or flexible leases can be more expensive but offer greater mobility.
Office Lease Rate Examples by City
| City | Typical Lease Rates (PSF/YR) | Source/Property Example |
|---|---|---|
| Hartford | ~$21 PSF/YR | LoopNet |
| Stamford | $23–$26 PSF/YR | CityFeet |
| Rocky Hill | $16–$24.50 PSF/YR | Commercial Cafe |
| Danbury | ~$16 PSF/YR | 11 Lake Ave, Danbury |
| Glastonbury | ~$28 PSF/YR | 200 Glastonbury Blvd |
| Wallingford | ~$9.75 PSF/YR | 1 Barnes Industrial Rd S |
| Windsor | ~$10 PSF/YR | 780 Prospect Hill Rd |
| Farmington | Varies – Contact for pricing | 21 South Rd, Farmington |
Common Lease Types in Connecticut
- Operating Leases: Flexible, short-term, often used by startups or small teams.
- Long-Term Leases: Ideal for stable businesses needing predictable costs.
- Monthly Rentals: Provide high flexibility, often at a premium.
