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Westchester County Market Reports

Westchester County Office Market

Average Asking Rent (Price/SF) $26.83
Availability Rate (%) 20.8%
Net Absorption (SF)   68,518

The Westchester County office market maintained its positive momentum throughout most markets. Leasing activity in the first half of 2019 totaled slightly more than 900,000 square feet, up 18.6% from midyear 2018. New leases totaled 485,000 square feet, capturing 53.3% of the total demand. Renewal activity, which totaled nearly 420,000 square feet, was up by 29.6% over the past year. Although the market experienced a year-over-year increase in demand, year-to-date leasing figures stood below the five-year historical average of 1.0 million square feet. This was mainly due to a decrease in available supply, which constrained leasing. In fact, competition among tenants for quality product intensified this year, as the number of Class A available blocks was reduced to only a handful.

Westchester Office Market Report
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