"These results clearly demonstrate Westchester's new foundresilience against the fluctuations of the business cycle,"suggests Dean J. Shapiro, executive director of Insignia/ESG'sWestchester-Connecticut office. "In the past, the corporateretrenchments characteristic of a slower economy would have causeda major downslide in Westchester's commercial market. That didn'thappen this time around because of the diversity of the tenant baseand flexibility of most buildings."

Though leasing slowed in the first half of this year as comparedto the same period in 2000, the volume remained in line withhistorical norms, Insignia/ESG officials say. Despite the troubledeconomy, the county's office availability rose just over threetenths of a percentage point to 13.1% from the same period lastyear. To show just how stable the county's office market has beenof late, the mid-year 2001 rate was almost flat as compared to the13.2% rate posted three months ago.

Shapiro says that the 1.5 million sf in leasing activity bymid-year 2001, although 19% less than the 1.8 million feet securedin the first six months of 2000, was still among the highest interms of leasing volume in Westchester's history. A total of 64% ofthe lease deals thus far in 2001 were secured in the secondquarter, including Pepsi Bottling Group's 380,000-sf transaction inSomers. However, the company later decided to put 16,000 sf back onthe market at the One Pepsi Way building.