The company in its first quarter 2001 Market Trends report states that the county's office availability rate was up a little more than one percentage point from the end of the year to 15.4%. While the rate went up in the past three months, it should be noted that it was far below the 18.2% rate posted for the first quarter of last year.
Grubb & Ellis officials state that despite some trouble in the technology industry, Westchester County is seeing growth in this sector. They note that while some start-ups have fallen by the wayside, others are flourishing in the county.
"Technology firms will remain a strong economic force in the county as businesses gravitate toward the highly skilled work force and concentration of technology service providers," says Kim Mowers, senior vice president of Grubb & Ellis' Stamford office, which covers Westchester County.
Grubb & Ellis officials say that some Fairfield County businesses have already begun to cross the border into Westchester in order to take advantage of lower rental costs. Recently, Reuters American Information signed a lease for 42,000 sf at 44 South Broadway in White Plains in a relocation move from Stamford. Brokers say they expect other Connecticut companies to follow suit in 2001.
The once troubled Downtown White Plains market bucked the trend and saw its availability rate drop from year end's 19.3% rate to 18% at the end of the first quarter 2001.
The report notes that countywide asking rents remained relatively steady in Westchester County since the end of 2000, with Class A and B rents averaging $27 and $22.30 per sf, respectively, up $2 per sf from a year ago.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
