According to statistics provided to Globest.com, Westchester County's office availability rate shot up from 13.2% in the second quarter of this year to 14.6% at the end of the third quarter. The countywide office availability rate in Fairfield County now stands at 12.8%, a slight increase from the 12.6% rate posted three months ago.

Michael Siegel, executive managing director of Insignia/ESG, notes that the figures should be taken in their proper perspective. "In the last three years it has been a real estate feeding frenzy here." He adds that buildings previously hard-pressed to pull in tenants started leasing up and companies were aggressively looking to secure space for future expansion.

"Now, I think the market has settled down," he said. Siegel adds that companies may have overestimated their expansion needs and are now realizing that they may not need all the office space they once thought would be necessary in the future.