JLL: Leasing Burst in Westchester County

STAMFORD, CT—JLL says that in the first quarter of this year, Westchester County experienced the largest amount of leasing activity the market has seen in nearly two years. In another encouraging sign for a market that has posted limited activity for the past few quarters, tenants currently in the market for office space have combined requirements totaling approximately 700,000 square feet, the firm says in its quarterly activity report.

“The Westchester County office market remained static in the first quarter of the year,” Chris O’Callaghan, managing director and Westchester County market lead for JLL. “With no new product coming online, and continued repositioning of older office buildings for adaptive re-use or renovation, rents have stabilized. The flurry of activity the county saw in the final quarter of 2014, with signed leases by Acadia Realty and U.S. Alliance Credit Union and the purchase of 600 Midland Avenue in Rye for the FBI, is a positive sign for the market in 2015.”