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Sublease Space Batters Westchester Office Market

STAMFORD, CT-Large blocks of sublease space put on the market in the fourth quarter of 2001, especially by high technology firms, caused the office availability rates in downtown White Plains and Westchester County to spike higher.

By John Jordan | Updated on January 07, 2002

STAMFORD, CT-The office availability rate for Westchester County shot up six percentage points from a year ago to 17.3%, due in large part to the increase in sublease space put on the market in the fourth quarter of 2001, brokerage firm Cushman & Wakefield of Connecticut reports.

Major corporate givebacks of space in the fourth quarter definitely contributed to the rise in office availability rates, says Kenneth M. Krasnow, regional managing director of Cushman & Wakefield of Connecticut. Another cause for the jump in rates was the fact that the former headquarters of Texaco (now Chevron/Texaco) in Harrison has been included in the availability rate numbers since it is now on the market for sale.

The downtown White Plains market got hit hard as well in the fourth quarter. While sublease space impacted every region in Westchester, the availability rate in downtown White Plains shot up from 15.1% in the fourth quarter of 2000 to 23.2% at year’s end 2001.Some of the large blocks of space put on the market in the fourth quarter and now being marketed for sublease in White Plains include: approximately 150,000 sf of IBM space and Blue Sky Productions’ 40,000 sf of space at 44 South Broadway and Metromedia Fiber Network’s 50,000 sf of space at 360 Hamilton Ave.

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