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Westchester County Emerging from Post 9-11 Slowdown

STAMFORD, CT.-Westchester County's overall office vacancy rate has shown some signs of improvement in recent months, prompting Cushman & Wakefield officials to say that the market is beginning to turn around from the post 9-11 slowdown.

By John Jordan | Updated on May 08, 2002

STAMFORD, CT.-While its office vacancy rate is higher than it was a year ago, Cushman & Wakefield officials say that recent leasing activity shows that the Westchester County office market is on the mend.

According to statistics released by the Research Consulting Services Group of Cushman & Wakefield of Connecticut, Inc., the vacancy rate for Westchester County fell from 17.3% at year’s end 2001 to 16.6% at the end of the first quarter of this year. However, the first quarter 2002 rate was still almost three percentage points higher than the 13.7% rate posted at the end of the first quarter of 2001.

Cushman officials say that the market will absorb space put back on the direct or sublease market in late 2001 and early 2002 as the year progresses.

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