Westchester County Office Market
| Average Asking Rent (Price/SF) | $28.50 |
| Availability Rate (%) | 25.5% |
| Net Absorption (SF) | 12,168 |
Market fundamentals for Westchester County’s office sector were relatively stable in the second quarter of 2021, but a rebound in mid- to large-size tenant requirements signal a recovery is underway. Leading indicators remained nearly unchanged from the previous quarter, with marginal movements in availability and rental rates. Net absorption ended slightly positive with 12,168 square feet, but improved significantly from last quarter’s negative 136,085 square feet. The overall availability rate increased by 2.6 percentage points year over year, from 22.9% in the second quarter of 2020 to the current 25.5%. This change was a result of several large blocks of space added to the East I-287 market in the past year. But while large blocks are plentiful along the Eastern Corridor, quality space opportunities are still somewhat limited.
Download Westchester Office Market Report 2Q21