"I anticipate this to continue through the first quarter of 2003," he predicts. "This interim shake-up in each of our markets is creating an interesting opportunity for existing tenants with leases in place. This opportunity is the ability of the aforementioned tenants to recast their transactions and lock in long-term leases at favorable rental rates, and in most cases, with work letter contributions and other concessions that were unavailable less than two years ago."

While saying that large New York City relocation deals will be few and far between for the Westchester-Fairfield market, he contends that Manhattan-based service companies in the 7,500 sf to 25,000 sf range, including money management firms, hedge fund groups and other financial service related concerns, will begin to fill the vacant space in both areas in the near term.

Benson concludes that historically the Westchester and Fairfield office markets generally lag behind New York City by one or two quarters. "In my opinion, the greatest two components which will aid in the expeditious stabilization of occupancy levels and ultimately increase the effectuated rental rates are: the lack of new construction in our region and the ability of New York City's existing owners to recast their current building financing at interest rates not experienced for decades," he says.