Westchester County Office Market
| Average Asking Rent (Price/SF) | $28.25 |
| Availability Rate (%) | 24.9% |
| Net Absorption (SF) | -54,023 |
Westchester County’s office market remained soft in the fourth quarter of 2020, as the impacts of the global pandemic profoundly changed the office-using sector and presented challenges for both landlords and tenants alike. At the onset of the pandemic, real estate decisions took a backseat to business continuity management and revenue preservation as health and safety remained crucial to corporate policies. Widespread uncertainty led to a vast number of firms opting for short-term lease renewals as tenants tried to figure out how much space they will need post-COVID-19. Remote work also became the norm for most office users. However, as the year came to an end, and news of a vaccine distribution spread, a sigh of relief was felt throughout the market and some tenants started gradually returning to office settings.
Download Westchester Office Market Report 4Q20