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Analysts: Slowdown Is Minor in Westchester

STAMFORD, CT-Grubb & Ellis officials say that the slowdown that has taken place in Westchester County in early 2001 is minor and that the fundamentals of the office market remain healthy.

By John Jordan | Updated on April 30, 2001

STAMFORD, CT-Although a slowdown in leasing activity has taken hold in Westchester County recently, officials with Grubb & Ellis charge that the county’s lower asking rents will prompt some Fairfield County firms to cross the state line.

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.

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