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Westchester County Office Leasing Showed Improvement In 2014

Office leasing grew 17 percent above the five year average in Fairfield County in 2014.
Office leasing grew 17 percent above the five year average in Fairfield County in 2014. Photo Credit: Contributed

WESTCHESTER COUNTY, N.Y. -- Office space leasing in Westchester County and Fairfield County improved in 2014, according to statistics released Thursday by the Stamford-based CBRE.

In Westchester, 73,923 square feet of negative absorption was recorded, which was nonetheless an improvement from the 365,067 square feet of negative absorption seen in 2013.

Westchester East and the White Plains CBD submarkets recorded 43 percent and 21 percent of leases countywide, respectively.

The county’s largest lease during the course of the year was for 85,000 square feet taken by MBIA, Inc. at 1 & 2 Manhattanville Road in Purchase

CBRE found contiguous spaces larger than 100,000 square feet in Westchester are in limited supply, with only four such blocks available countywide

Fairfield County’s availability rate dropped by 45 basis points, driven by tenant expansions in the Greenwich, Stamford Central Business District and non-CBD submarkets, ending 2014 at 20.5 percent.

Central Fairfield saw a stable demand for office space throughout the year, with Datto Inc.’s 100,398-square-foot lease at 101 Merritt 7 in Norwalk ranking as the fourth-largest transaction for the year.

Overall leasing in the county aggregated 2.9 million square feet, which was 17 percent above the five-year average of 2.5 million square feet. Confidence in the economy boosted demand for office space.

Click on the attached PDF for the complete report.

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