Dean Shapiro, executive director of Insignia/ESG's Westchester-Connecticut office, says that almost one third of all leasing transactions in Westchester were by local businesses that expanded their operations in the county. Small and mid-sized companies also accounted for significant leasing growth, he adds.
"The county is also benefiting, notably, from the restriction and expense of space in New York City and Fairfield County, CT," Shaprio notes. "Tenants who may not have considered Westchester before have now set their sites on it because of its affordability and the availability of high-quality space. And, because the situation in these neighboring markets could conceivably continue well into the future, Westchester should further improve in 2001."
Other interesting items from the Insignia/ESG report included the fact that 67% of the total space leased countywide took place in the Downtown White Plains market and the eastern section of the county (White Plains, I-287 corridor). The average lease deal in the county in 2000 rose 13% from the prior year to 8,204 sf.
Westchester also benefited from the emergence of high technology, telecommunications and new media companies securing space here. "These new companies have truly brought new life and stability to Westchester by leasing larger blocks of space in some of the county's premier office buildings," Shapiro says. "And, though concern abut the recent shakeout in the e-commerce industry is certainly justified, Westchester's tenant mix is now too broad-based to be dramatically affected by a downturn in this sector."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
