WHITE PLAINS-The Building Owners Managers Association held its Annual State of the Market Address on Thursday, Jan. 11 where a panel of commercial brokers and developers spoke their minds about the year past and how the market will fare in 2001. The Westchester County office availability rate, which less than two years ago was in the mid-20% range is now close to 10% and the troubled Downtown White Plains availability rate was a little more than 15% at year's end.
Frank Tomasulo, senior vice president of CB Richard Ellis seemed to sum up the panel's feelings about 2001 and the record high level of leasing activity and office absorption that took place in Westchester County. “We were no longer talking about the negative numbers,” Tomasulo said. “We were not talking about the high vacancy index.”
The brokers and developers on the panel agreed that 2001 will be a good year for Westchester County. All predicted that while the market may slow down some, the county will prove to be attractive due to its lower rental costs as compared to Fairfield County and New York City.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
