Westchester, Fairfield Vacancy Rates Show Little Change

WHITE PLAINS-The fourth quarter office availability rates in Westchester and Fairfield counties showed little change as compared to rates posted in the third quarter. This information is from figures reported by FMB Real Estate Services LLC.

Frank Boccanfuso, managing partner of FMB Real Estate, relates that the fourth quarter availability rate for office space in Westchester County stands at 12.96%, down just 0.18% from the third quarter 2000 rate. The firm also reports that Fairfield County’s tight market conditions for office space continues with a fourth quarter availability rate of just 8.76%. Those figures include sublease space available in both markets.

FMB Real Estate officials add that companies looking for space under 15,000 sf in Westchester County have few options available. The availability for office space under 15,000 sf is just 8.20% countywide and 13.68% Downtown here.

According to FMB Real Estate figures, major markets in Fairfield County have very little space available, as well. For example, Downtown Stamford has an availability rate of 8.38%. Without sublet space, Downtown Stamford has just 5.43% of the more than 15.3 million sf of office space available for lease on a direct basis. Greenwich, CT has a fourth quarter availability rate of just 6.01% and just 2.33% on space available exclusively on a direct basis.