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Westchester County Market Reports

Westchester County Office Market

Average Asking Rent (Price/SF) $26.79
Availability Rate (%) 20.7%
Net Absorption (SF)   22,562

Westchester County's results for the third quarter of 2019 showed the office market continued its slow but steady movement toward a solid year-end. The county's overall availability rate stood at 20.7%, down slightly from 20.8% last quarter but mirroring the rate recorded a year ago. The average asking rent also remained stable at $26.79/SF. On the leasing front, the third quarter was slower than usual with slightly less than 350,000 square feet of total leasing activity, compared with 430,000 square feet registered in the same period last year and 475,000 square feet last quarter. However, this was somewhat expected, as much of the quality product has already been absorbed. Although the numbers this quarter showed little to no movement, the market's leasing pipeline shows a considerable number of leases are under negotiation. There is still intense competition for much of what remains available.



Westchester Office Market Report
3Q19
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