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Commercial Sales Strong, Leasing Weak in Northern Suburbs

WHITE PLAINS-Commercial brokers in the northern suburbs of New York City are facing a paradox at the moment. Those involved in office leasing are seeing a slowdown in demand. However, they report that investors have an almost insatiable appetite for commercial product.

By John Jordan | Updated on October 15, 2002

WHITE PLAINS-Commercial brokers who attended BOMA Westchester’s session on Thursday, Oct. 10 that asked panelists the question “How is Westchester County Viewed by the Investment and Capital Markets?” were told that the county is being looked at favorably by the investment community. However, they also learned that experts believe the leasing market in the Westchester-Fairfield region will likely continue to be soft well into 2003.

Andrew Merin, executive vice president of Cushman & Wakefield, described current economic conditions in the northern New York City suburbs as “a paradox.”

“We see the fundamentals are terribly off across the board in all product types, with the exception of retail. Office and industrial are slow, apartments are giving away free rent for the first time in a long time,” he said.

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