Cuddy, who appeared at the Dec. 14 meeting of the Westchester County Board of Realtors' Commercial Investment Division, related, "As we look at next year on a macro basis, we have to look at the dynamics of our market as it compares to New York City because it is going to bode very well for this county if the market continues on an upswing, but particularly if it goes on a downswing."
He continued that due to the prolonged robust economic times, major corporations have mainly been focused on the profit side of the business. Cuddy noted that if a downturn were to take place, companies would undertake a "re-orientation" on the expense side, which would include a hard look at its New York City office costs.
"When companies start to focus more on the expense side in a downside market, the Westchester market will be very well poised to capture more tenancies out of Manhattan given that the Manhattan market is at $50 to $75 per sf), and we are still $25 to $30," he said.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
