Westchester County Office Market
| Average Asking Rent (Price/SF) | $28.52 |
| Availability Rate (%) | 25.8% |
| Net Absorption (SF) | -234,407 |
After finishing 2021 on stable footing, office market fundamentals for Westchester County retracted during the first quarter of 2022. Total net absorption ended with negative 234,407 square feet, resulting from a general slowdown in demand and new space coming online in both the East I-287 and White Plains Central Business District markets. A total of 320,000 square feet of leasing activity was recorded this quarter, a significant decrease of 41.3% from the previous quarter and 38.2% from the prior year. This level ended well below the historical average of 435,000 square feet for first-quarter periods. The county’s overall availability rate moved up to 25.8%, from 24.7% at the end of 2021 and from 25.1% a year ago, but asking rents remained stable at $28.52/SF, slightly increased from $28.00/SF in the previous quarter and from $27.96/SF a year ago.
Download Westchester Office Market Report 1Q22