What You Will Learn in This Video on The Future of the Westchester Commercial Real Estate Market:
- The market is being driven by a number of factors, including the growth of the region’s economy, the increasing demand for office space, and the development of new mixed-use projects.
- The Westchester commercial real estate market faces a number of challenges, including the high cost of doing business in Westchester, the availability of skilled workers, and the competition from other markets.
- The future of the Westchester commercial real estate market is bright. The region is expected to continue to grow, and the demand for commercial space is expected to remain strong.
Video Transcript:
“What do you see for the Westchester real estate market in five years, maybe 10 years? A continued residential growth, growing demand for office space, continued demand for warehousing, etc?
On the office side, I think that demand is really up in the air. I mean, the good news is that tenants today, commercial tenants, are willing to make long-term decisions where they were not really willing to do that in the last couple of years.
But they do have this dilemma: how is hybrid work going to affect their space needs and how they run their companies? And that’s part of what I like to sit down with a client and kind of work through, so that at least we can brainstorm it a little bit. It’s their decision, but I just want to ask the questions and help them form the thought processes on how we can make the office right-sized in terms of expense and yet give the client enough space to do its business and to grow.
In terms of residential, I think that has been a very robust residential development sector up to now, and I think it’s going to continue. I know that the County Association and County government are really trying to bring more people into Westchester, if you will. Bring more potential employees into Westchester, bring more dollars into the retail businesses, the service businesses, the restaurants, the bars, all of these different things. There is a, you know, a reason for growing the population, and part of it will also be to provide additional labor to Westchester businesses.
As far as the warehouse sector, low supply, high demand, I think will be the future of that. The same thing for flex product. And today, honestly, some warehouse spaces are very nearly approaching office spaces and costs. And the landlord doesn’t have to build out a $75 or $80 a foot custom office. They just hand the client the keys to the warehouse, and they move in. No additional capital expense.”
Is your business prepared for the next phase of the Westchester real estate market trends? Contact Howard Properties Ltd today,