Newmark officials say that despite ongoing rental growth, Fairfield County's office market is showing some signs of a slowdown taking hold.
For Westchester, the overall asking rental rate for the county dropped slightly from $24.05 per sf in the third quarter to $23.53 per sf at year's end. The firm noted, however, that the Downtown White Plains rate continued to climb due to active leasing activity and stood at $26.40 per sf at the end of the fourth quarter 2000.
Newmark officials note in the report, "The Westchester County office market is showing signs of a correction, but the outlook remains optimistic for 2001. As office users begin to feel the effects of a cooling economy, it is likely that tenants from outside the county will seek out real estate opportunities in Westchester as a less expensive alternative."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
