Howard Properties, Ltd.

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Announcements

Q1 Westchester market report: settling in with the new normal

Office availability in Westchester, which includes space offered for sublet has decreased a bit in the first quarter to 26.3%. Vacancies have decreased to 23.1%, but these numbers are skewed by some factors that I will address later. The Q1 vacancy rate decreased from...

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...

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....

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...

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...

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,...

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...