As I review the sales of Westchester office buildings over the last three years or so, it has occurred to me how much of our office inventory has turned over to new ownership.
As we have REIT owners, institutional owners, large real estate partnership owners and private owners of office buildings in Westchester, the reasons to sell a property vary widely. But one thing is sure: there has been plenty of investment sale activity in our county. The total Westchester multitenant office building inventory is a little more than 27 million square feet. Our leasing market is in a pretty healthy place. Inventory has been reduced by the demolition of obsolete buildings, and repurposings of other buildings or their sites to new uses, such as multifamily residential and retail.
Some sellers are taking some profits. Some are selling off noncore properties to redeploy their capital. Some buyers are buying income in place, and others are looking to add value and rent at higher numbers.