The findings suggest that the long-troubled White Plains CBD isnow one of the hottest markets in the northern New York suburbs.For the second quarter of the year, the availability rate Downtowndropped 10% from a year ago to 16.9%. Only 18 months ago the CBDposted a bloated office availability rate of 30%.
And, year to date, 1.8 million sf of office space was leased, anincrease of 44% from the same period last year, according toInsignia/ESG figures.
"Buildings like 360 Hamilton Ave. [owned by Reckson AssociatesRealty Corp.], which formerly housed much of the available space inthe county, are now almost totally leased," says Dean Shapiro,executive director of Insignia/ESG's Westchester-Connecticut office"As available space in Manhattan, which currently measures just 5%of the inventory, and Fairfield County, CT (8%) continues totighten, more tenants will consider Westchester County."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
