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Hoffman: National Economic Downturn Has Taken Toll

STAMFORD, CT-While the Westchester County office vacancy rate remained relatively stable in the second quarter at 11%, a broker with CB Richard Ellis says that demand has definitely softened recently.

By John Jordan | Updated on June 20, 2001

STAMFORD, CT-According to statistics released by CB Richard Ellis, office vacancy rates and asking rents in Westchester County have remained flat for the second quarter. However, what the data do not show is that a slowdown in office leasing has taken hold here.

CB Richard Ellis reports that the second quarter office vacancy rate stands at 11%, up every so slightly from the 10.9% rate recorded at the end of the first quarter of this year. The Downtown White Plains office market’s rate remained relatively flat as well. According to CB Richard Ellis, the rate for Downtown totals 15% at the end of the second quarter, up from the 14.3% rate posted after the first three months of 2001.

While most submarkets experienced a slight increase in their respective office vacancy rates, Southeast Westchester saw its rate drop from 5.9% at the end of the first quarter to 5.3% in the second quarter. The Western I-287 sector had a drop from 13.1% to 12.1% for the same period and the Southeast Corridor of the county had its rate fall from 8.3% to 6.6%.

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