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Westchester County Market Reports

Westchester County Office Market

Average Asking Rent (Price/SF) $26.47
Availability Rate (%) 23.0%
Net Absorption (SF) 113,837

The Westchester County office market continued to build upon its positive momentum from prior quarters, as its results for the third quarter of 2017 showed an additional 113,837 square feet in occupancy gains, while leasing activity grossed a little more than 700,000 square feet. Renewals comprised 441,000 square feet, or 63.0% of the quarter's total leasing activity, as Montefiore Medical Center renewed and extended leases totaling 296,000 square feet across seven properties in the South Westchester Executive Park complex in Yonkers. This led to an increase of 73.0% in renewal activity from 255,000 square feet recorded last year and 100,000 square feet last quarter. Overall, the county saw total leasing activity increase 37.9% from the prior quarter and 40.2% from third-quarter 2016. Although renewal activity accounted for much of the demand in third-quarter 2017, availability still decreased 2.6 percentage points from a year ago to 23.0%.

Westchester Office Market Report
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