The Westchester office market going into 2024: We cannot buck the trends
Moody’s Analytics on Jan. 8 reported that the office vacancy rate in the U. S. is at an all-time high of 19.6%, shattering the 2022 record of 19.3%. Part of the reason is overbuilding in the 1980s that was fueled by cheap bank debt, which still weighs on the national markets some 40 years later.
Westchester office Q3 analysis
There were many more renewals than new leases in Westchester during this year’s third quarter. The largest renewal was Fuji Film at 500 Summit Lake Drive in Valhalla, where the company renewed for 57,514 square feet, but is shrinking by about 65,000 square feet. Mastercard has indicated that it will not renew its lease for
The Westchester office market enters a new era (again)
Read the statistics all you want, but they do not tell the full story of the state of Westchester’s office market in 2023. Leasing is still lagging, and space availability is high (as it is in most of the U.S.). The nuances of our local market add a lot of very important color to the
Westchester’s commercial real estate faces a slow summer
Westchester County leasing velocity was down about 11% in the first quarter, and it is anticipated that it will fall further behind last year’s pace in the second quarter. Read the full article here
Hybrid work likely to continue affecting office demand
The phenomenon of hybrid work has resulted in a lot being said in real estate circles regarding office building vacancies, valuations and financing. Hybrid work has caused tenants of all sizes to shrink their office space as their leases expire. This will likely continue for years, as there is no regularity to lease terms or
Office leasing slows as hybrid work becomes the new normal
Westchester County’s 2022 year end real estate statistics are out, and as I predicted in last month’s article they are not pretty. According to the Newmark report, fourth quarter office leasing velocity was down 39.6% from the previous year. Read the full article here
The Westchester office market is catching up with reality
The office availability rate in Westchester has modestly but steadily increased through 2022. It now is at its highest level on record, 26.2%. Leasing velocity has been lower than in the past. There is an ever-increasing amount of space being offered for sublet, most of which just remains on the market statistics with little or no
How relationships unlock doors to real estate deals
Howard E. Greenberg is a Westchester real estate professional who not only seems to know what’s going to happen in real estate and development before it happens but has an encyclopedic knowledge of what already has happened as well. He’s a regular contributor to the Business Journals, and his New Year’s wrap-ups and forecasts are
Westchester County First Half Market Report
We are now in the third year of the pandemic, and its effects are clearly being seen in the county’s office space market. In 2021 we had a “normal” year (about 2 million square feet of office leasing velocity), which was only attained after the New York Blood Center made a late December deal for
