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Vacancy Rates Rise Slightly in Westchester

STAMFORD, CT-CB Richard Ellis officials say that the Westchester County office market continues to post strong results, although its overall office vacancy rate rose slightly in the last three months.

By John Jordan | Updated on March 23, 2001

STAMFORD, CT-The office market in Westchester County has shown some signs of slowing down in the last three months, but the overall office vacancy rate rose slightly below 1%, according to CB Richard Ellis. The brokerage firm released its First Quarter 2001 Office Market Overview for Westchester County, which states that the countywide office vacancy rate is now 10.9%, up from 10.0% at year’s end 2000.

“I think that the Westchester County office market is doing quite well, especially considering all the concern that is out there over the economy,” says Al Gutierrez, senior associate with CB Richard Ellis’ Westchester office. He explains that the market has slowed down a little bit recently.

Gutierrez notes that in 1999 and 2000 there were a host of companies looking for 50,000 sf or more in the county. Now, most of the requirements out there are for companies searching for offices in the 5,000 sf to 15,000 sf range. That is not to say that there are not some large corporate office requirements studying the Westchester market for offices of 100,000 sf or more.

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