It seems that a series of incremental changes that have been taking place over a number of years have really converged this year so that major changes are suddenly very visible in our market. And all of the real estate product types are inextricably intertwined. Office building sites are turning into multifamily, for-sale housing and retail sites. Industrial sites are turning into mixed-use sites. Westchester County is undergoing a massive rebalancing of its commercial real estate stock.
There are three key themes for Westchester commercial real estate in 2017. Multifamily residential development is ramping up rapidly. Our office market is generally healthy for the first time in many years. Our industrial inventory is shrinking and industrial sale prices and rental rates are skyrocketing