Search
 

Demand Drops for Office Space in Westchester

WHITE PLAINS-While brokers are mixed as to whether the post Sept. 11 office market here should be characterized as unhealthy, most agree that demand for space has diminished as compared to last year.

By John Jordan | Updated on October 16, 2001

WHITE PLAINS-Area brokers agree that the office market in Westchester County has slipped from the heady times the industry was experiencing as recently as this past June.

Panelists at the Building Owners and Managers Association session held on Thursday admitted that they have some concerns that a slowdown that began in July of this year has been exacerbated somewhat by the terrorist attacks of September 11.

James Fagan, senior managing director of CB Richard Ellis, notes, “This is the best bad market we’ve had.” He added that he believes office space demand will increase in the months ahead. However, for now, he says that brokers are concerned about the lack of office space leasing demand in the Westchester-Fairfield marketplace. “Everyone is walking on egg shells because people are uncertain about where we are going,” he says.

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.