He does not rule out the possibility of a large corporate relocation deal in the county sometime this year. He says the numerous rental housing projects in downtown White Plains now under construction and the decision by Morgan Stanley to purchase the Chevron/Texaco building have put Westchester County "on the radar screen" for business relocations and provides "a great vote of confidence that will have a tremendous effect on the market."

Michael Grossman, executive managing director of Mack-Cali Realty Corp., agrees that his firm is also seeing some increased leasing interest in recent times. In relating to the slowdown the market has experienced of late, he notes, "I think there is a consensus that the bottom of the market has passed."

Grossman predicts that by the end of this year or the beginning of 2003 the market will show definitive signs of recovery. He also relates that the inflated office availability rates in Westchester, and specifically downtown White Plains, are mainly centered at seven office buildings that comprise 62 percent of the Class A direct or sublease availability in Westchester County.

Because 20 percent of the office availability in Westchester is sublease space, "tenants are carrying the softness in the market," he adds, especially in neighboring Fairfield County where 42 percent of the available space is on the market for sublease.

Michael Siegel, executive managing director with Insignia/ESG's Westchester/Connecticut office, says that while brokers may be hoping for deals out of New York City, "there is an emotional connection to stay in New York City now more than ever," with many Manhattan-based firms.

He adds that such relocation would also cause disruption for a firm's employees, who tend to reside in Manhattan, New Jersey or the outer boroughs.

While the northern suburbs may see some corporate relocation activity, Siegel relates that most will be small to mid-sized deals. "It's not going to be the big behemoth," he predicts. Instead, Siegel expects activity to pickup in midtown Manhattan due to the disruption downtown.

Frank Tomasulo, senior vice president of CB Richard Ellis, indicates that leasing interest in Westchester has picked up of late, and that he expects some of the deals that come out of Manhattan to the county will result from corporations seeking to decentralize operations or operate a disaster recovery site in Westchester. "Some of these spaces will be predominantly dark with not too many employees," Tomasulo adds.

Howard Greenberg, founder of Howard Properties Ltd., of White Plains, who served as the moderator of the BOMA event, notes that New York City's aggressive efforts to retain companies in Manhattan post Sept. 11 will also cut down on relocation deals in the suburbs. On the other hand, the increase in available space in Westchester at much lower rental rates than Manhattan, will spark a number of New York City-based companies to at least consider a possible move to Westchester, he adds.