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Westchester Office Market Slowing but Still Strong

STAMFORD, CT-Officials with Insignia/ESG say that the slowing economy and the dot-com fallout did have some effect on leasing activity and office space availabilities in the first quarter.

By John Jordan | Updated on April 20, 2001

STAMFORD, CT-Downsizings by dot.com and new technology companies as well as the general economic downturn caused the Westchester County office market to see less leasing activity than last year, according to officials with Insignia/ESG. Dean Shapiro, executive director of the brokerage firm’s Westchester-Connecticut office says, “After several years in which Westchester truly surpassed all previous expectations, the office market is circling back around to a more predictable pattern. Certainly, the slowing economy and instability of the dot-coms had an effect on the area, but I’m confident Westchester still remains fundamentally sound.”

He continues, “There’s a significant difference between today’s market and those of the past. Westchester is far more healthy and resilient than it was during the 1990s. Specifically, its diversity reduced our exposure to the fortunes of a few large space users.”

According to the Insignia/ESG First Quarter Commercial Market Report, leasing velocity for the first three months of the year totaled 537,830 sf, a decline of more than 24% from the same period a year ago, while net absorption for the quarter totaled negative 608,290 sf, a significant reversal from 310,140 sf of positive absorption in 2001. The countywide availability rate rose from 11.6% at year-end 2000 to 13.2% at the end of the first quarter 2001.

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