Brokers Expect Slight Slowdown in Westchester in 2001

WHITE PLAINS-The Building Owners Managers Association held its Annual State of the Market Address on Thursday, Jan. 11 where a panel of commercial brokers and developers spoke their minds about the year past and how the market will fare in 2001. The Westchester County office availability rate, which less than two years ago was in the mid-20% range is now close to 10% and the troubled Downtown White Plains availability rate was a little more than 15% at year’s end.

Frank Tomasulo, senior vice president of CB Richard Ellis seemed to sum up the panel’s feelings about 2001 and the record high level of leasing activity and office absorption that took place in Westchester County. “We were no longer talking about the negative numbers,” Tomasulo said. “We were not talking about the high vacancy index.”