The findings suggest that the long-troubled White Plains CBD is now one of the hottest markets in the northern New York suburbs. For the second quarter of the year, the availability rate Downtown dropped 10% from a year ago to 16.9%. Only 18 months ago the CBD posted a bloated office availability rate of 30%.
And, year to date, 1.8 million sf of office space was leased, an increase of 44% from the same period last year, according to Insignia/ESG figures.
"Buildings like 360 Hamilton Ave. [owned by Reckson Associates Realty Corp.], which formerly housed much of the available space in the county, are now almost totally leased," says Dean Shapiro, executive director of Insignia/ESG's Westchester-Connecticut office "As available space in Manhattan, which currently measures just 5% of the inventory, and Fairfield County, CT (8%) continues to tighten, more tenants will consider Westchester County."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
