Jersey City and Stamford, CT have thus far snagged all the major New York City corporate relocation deals stemming from the World Trade Center disaster. However, area brokers note that because New York City, as well as competing markets in New Jersey and Fairfield County, CT, have few if any large blocks of existing office space to offer, Westchester County should prove attractive to companies who are now in the market for space.

Kenneth Krasnow, regional managing director for Cushman & Wakefield of Connecticut, told attendees of the session held at the Crowne Plaza Hotel, that demand for office space from New York City firms in Westchester County is "strong." He adds that there are "10 to 12 large requirements from New York City" currently in the suburban market.

While he questions whether any deals will be generated from the current crop of Manhattan firms that are looking for space in the suburbs, Krasnow relates, "I do think we (the northern New York City suburbs) are going to see more of an impact from New York than we have in the past five to seven years."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.