He notes that recent second quarter statistics indicate Westchester County's office vacancy rate rose slightly to 11%, up from 10.9% at the end of the first quarter. He continues that the current rate is 40% lower than what the rate of empty space in Westchester County was just two years ago.

"In spite of Westchester County's office market being relatively flat compared to the record activity of last year, it continues to be an increasingly attractive alternative for space when compared to the even tighter market conditions and higher rents in neighboring New York City and Fairfield County," he says. "Westchester County's average asking lease rate of $26.55 per sf can be favorably compared to similar space available in Fairfield County and New York City ranging from $40 to $85 per sf."

Tomasulo also pointed to a number of recent lease deals as a sign that the market contnues to attract large users. For example, he notes the MetLife lease of 55,000 sf at 445 Hamilton Ave.; Trigen Energy Corp.'s expansion into 37,000 sf at 3 Barker Ave. in White Plains; Petals taking 35,000 sf at 155 White Plains Rd. in Tarrytown; Austin Nichols and Company leasing 31,500 sf at 777 Westchester Ave.; Bernard Harris Publishing taking 30,000 sf at 2500 Westchester Ave.; and Verizon leasing 31,000 sf at 2975 Westchester Ave. in Purchase as prime examples.