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Westchester County Market Reports

Westchester County Office Market

Average Asking Rent (Price/SF) $26.82
Availability Rate (%) 21.6%
Net Absorption (SF) -130,576

The Westchester County office market enjoyed positive momentum in 2018. Although statistics remained skewed by record high availability of 36.0% in the Northern submarket, the rest of the county saw major improvement in its market fundamentals. This was the year when availability, excluding a few noncompetitive blocks in the north, hit its lowest levels in nearly 15 years. At year-end, the county's overall availability rate finished at 21.6%, down slightly from 22.1% in the prior year. Without the uncompetitive blocks, availability reflected a more realistic figure of 15.4%. In the past two years, a total of 800,000 square feet has been absorbed as a result of healthy demand and the removal of older office stock through adaptive reuse. This translated into fewer options, which in turn drove conditions in the lower Westchester County market to tighten even further.



Westchester Office Market Report
4Q18
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