The Westchester County office availability rate remained stable in the first quarter at 12.5%. White Plains reached a record low for direct office space availability, according to Newmark, at 12.87%, down from 14.42% the previous quarter.
John Goodkind, executive managing director of the firm's Westchester/Connecticut office, notes, "With its ability to satisfy a wide array of space requirements and its bargain rents, Westchester County continues to attract the interest of a diverse tenant group seeking space in the New York region. As the office market in Westchester has matured, its stable tenant base has created strong market fundamentals that support the county even as the market fluctuates. Pepsi Bottling Group's decision to renew its lease for over 380,000 sf at its Somers headquarters site also bodes well for the future."
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