WHITE PLAINS, NY—Record-setting leasing activity thus far in 2000 has resulted in sharp declines in the office availability rate in Westchester County, NY. According to the Insignia/ESG Midyear Commercial Report released today, the countywide availability rate at the end of the second quarter stood at 12.8%, down from 16.7% a year ago.

The findings suggest that the long-troubled White Plains CBD is now one of the hottest markets in the northern New York suburbs. For the second quarter of the year, the availability rate Downtown dropped 10% from a year ago to 16.9%. Only 18 months ago the CBD posted a bloated office availability rate of 30%.

And, year to date, 1.8 million sf of office space was leased, an increase of 44% from the same period last year, according to Insignia/ESG figures.

“Buildings like 360 Hamilton Ave. [owned by Reckson Associates Realty Corp.], which formerly housed much of the available space in the 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 to tighten, more tenants will consider Westchester County.”

Insignia/ESG notes that at the end of June 2000, there were only six blocks of available space greater than 100,000 sf, collectively totaling 1.7 million sf. By comparison, in ’99 there were 13 units of available space of more than 100,000 sf, coming to three million sf. The average asking rent in Westchester at the end of the second quarter stood at $24.76 per sf, while tenants in the White Plains CBD have seen asking rents average $25.20 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 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.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.