STAMFORD, CT—Over 60% of the office leasing activity that occurred in Westchester County in the second quarter of 2016 came from new tenants, according to new JLL research.
Further, the data states, out of the 220,209 square feet in transactions completed in Q2, 135,647 square feet in deals were inked by businesses relocating to the county.
“While sprawling suburban corporate office parks were once in hot demand, tenants with current space requirements are shifting away from this type of workplace, particularly in the in I-287 Corridor,” says Chris O'Callaghan, managing director and Westchester County market lead for JLL.
“As a result, the county's building owners and developers have worked to strategically appeal to today's workforce,” he continues. “Proposals to rezone buildings on Corporate Park Drive, Westchester Avenue and King Street would transform over 1.1 million square feet of mostly vacant office space into mixed-use developments that could compete with lifestyle destination developments in growing cities across the county.”
Tenants in the professional services and insurance sectors were responsible for nearly 55% of total leasing velocity across Westchester County in the second quarter. Noteworthy transactions included New York State Insurance Fund relocating to 33,894 square feet at 44 South Broadway in White Plains, and Wells Fargo expanding by 22,500 square feet at 40 Main St.—both in the White Plains CBD.
In addition, The Regus Group signed for 14,896 square feet at 100 South Bedford Rd. in Mount Kisko, contributing to the positive absorption the Westchester North submarket recorded this quarter.
STAMFORD, CT—Over 60% of the office leasing activity that occurred in Westchester County in the second quarter of 2016 came from new tenants, according to new JLL research.
Further, the data states, out of the 220,209 square feet in transactions completed in Q2, 135,647 square feet in deals were inked by businesses relocating to the county.
“While sprawling suburban corporate office parks were once in hot demand, tenants with current space requirements are shifting away from this type of workplace, particularly in the in I-287 Corridor,” says Chris O'Callaghan, managing director and Westchester County market lead for JLL.
“As a result, the county's building owners and developers have worked to strategically appeal to today's workforce,” he continues. “Proposals to rezone buildings on Corporate Park Drive, Westchester Avenue and King Street would transform over 1.1 million square feet of mostly vacant office space into mixed-use developments that could compete with lifestyle destination developments in growing cities across the county.”
Tenants in the professional services and insurance sectors were responsible for nearly 55% of total leasing velocity across Westchester County in the second quarter. Noteworthy transactions included
In addition, The Regus Group signed for 14,896 square feet at 100 South Bedford Rd. in Mount Kisko, contributing to the positive absorption the Westchester North submarket recorded this quarter.
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