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Westchester County Market Reports

Westchester County Office Market

Average Asking Rent (Price/SF) $26.74
Availability Rate (%) 22.2%
Net Absorption (SF) 48,009

Westchester County continued to see an improvement in office market conditions during the first quarter of 2018. Overall availability fell to 22.2%, a decrease of 1 percentage point from a year ago and a slight decrease of 0.1 percentage points from the previous quarter. Large uncompetitive blocks of space in the northern market continue to artificially inflate the overall rate. Excluding these blocks of space produces an availability rate for this quarter of 14.4%, a level more indicative of Westchester's core market conditions. In addition to supply, pricing also remains skewed by these uncompetitive blocks, as these lower-priced offerings continue to weigh down the overall average asking rent. At the end of the first quarter, the countywide rental rate averaged $26.74/SF, a slight decrease of 0.9% from last year yet significantly lower than pre-recession levels, which were well in excess of $30.00/SF.

Westchester Office Market Report
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