The equilibrium electrical conductivity of epitaxial (STO) thin films was investigated as a function of temperature, /K , and oxygen partial pressure, /bar . Compared with single-crystal STO, nanoscale thin-film STO exhibited with decreasing film thickness an increasingly enhanced electronic conductivity under highly reducing conditions, with a corresponding decrease in the activation enthalpy of conduction. This implies substantial modification of STO's point-defect thermodynamics for nanoscale film thicknesses. We argue, however, against such a finite-size effect and for an interface-proximity effect. Indeed, assuming trapping of oxygen vacancies at the STO surface and concomitant depletion of oxygen vacancies—and accumulation of electrons—in an equilibrium surface space-charge layer, we are able to predict quantitatively the conductivity as a function of temperature, oxygen partial pressure, and film thickness. Particularly complex behavior is predicted for ultrathin films that are consumed entirely by space charge.