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Broker Says NYC Relocations Critical to Suburbs

TARRYTOWN-A commercial broker who covers Westchester and Fairfield Counties says that corporate downsizings and the demise of e-commerce companies in the region put a large amount of sublease space on the market in the first quarter.

By John Jordan | Updated on April 24, 2001

TARRYTOWN-Veteran commercial broker Scott Benson says that what the area really needs are some corporate relocations from New York City. Benson, president of Benson Commercial Realty of Tarrytown and Stamford, says “In the Westchester and Fairfield County office market, we have witnessed a marked influx of available new space for the first quarter of the year totaling over 900,000 sf.”

He says that the recent demise of local e-commerce companies, coupled with the downsizing of several large corporate headquarters “have placed a great deal of new sublease space into the marketplace. This space will have a detrimental effect on the overall effectuated rental rates of our existing owners’ direct space, as they will be forced to compete more aggressively with these units as the year continues. “

Benson notes that, historically, the Westchester and Fairfield markets have relied heavily on the backfilling of existing space via corporate relocations from New York City.

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