Search
 

Newmark Sees Continued Growth in Office Market

WHITE PLAINS-Officials with Newmark & Co. Real Estate say that Westchester County's office market is weathering the current overall economic slowdown and continues to see asking rents rise in early 2001.

By John Jordan | Updated on April 25, 2001

WHITE PLAINS-The overall outlook for the Westchester County office market is for continued strong growth, despite the economic slowdown, according to Newmark & Co. Real Estate’s Westchester/Connecticut office. The firm reports that average asking rents in Westchester County rose in the first quarter of 2001 to the record price of $24.06 per sf. Within the White Plains central business district and eastern Westchester County, asking rents shot up to $26.40 per sf and $27.94 per sf, respectively, Newmark officials say.

The Westchester County office availability rate remained stable in the first quarter at 12.5%. White Plains reached a record low for direct office space availability, according to Newmark, at 12.87%, down from 14.42% the previous quarter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.