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Westchester County Market Reports

Westchester County Office Market

Average Asking Rent (Price/SF) $26.82
Availability Rate (%) 20.1%
Net Absorption (SF)  152,505

Sustained tenant demand coupled with low levels of quality stock in the past year led to record low vacancy and rental growth for key Westchester County office markets. As 2019 came to a close, the countywide overall availability rate finished at 20.1%, one percentage point below the rate reported last year and the lowest since 2014. The overall vacancy rate continued to decrease, finishing the year at 16.2%. These figures include a few major uncompetitive blocks of space in the northern market that were mentioned in previous quarters. The largest of these blocks, IBM's former 1.2 million-square-foot site in Somers, moved closer to finalizing a lease by a private STEM school operated by Evergreen Ridge. Pending state approvals, absorption of this massive block of space would result in an overall availability rate of 15.7%. Similarly, vacancy would drop to a historically low rate of 11.8%.



Westchester Office Market Report
4Q19
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