Tomasulo: Market Hit Ebb Tide, Westchester Held Status Quo

TARRYTOWN, NY-Saying that the market has reached an ebb tide, CB Richard Ellis senior vice president Frank Tomasulo tells GlobeSt.com that the market has been able to maintain the status quo despite a slowdown in leasing activity recently. “There is definitely less velocity in the marketplace with demand off from its record highs in the year 2000 and rents seem to be stabilizing,” Tomasulo says.

He notes that recent second quarter statistics indicate Westchester County’s office vacancy rate rose slightly to 11%, up from 10.9% at the end of the first quarter. He continues that the current rate is 40% lower than what the rate of empty space in Westchester County was just two years ago.

“In spite of Westchester County’s office market being relatively flat compared to the record activity of last year, it continues to be an increasingly attractive alternative for space when compared to the even tighter market conditions and higher rents in neighboring New York City and Fairfield County,” he says. “Westchester County’s average asking lease rate of $26.55 per sf can be favorably compared to similar space available in Fairfield County and New York City ranging from $40 to $85 per sf.”