Westchester County Office Market
The total availability rate, which ended at 26.7%, remained unchanged from the prior year. The total vacancy rate hit a new record high of 24.3%, with more of these availabilities becoming vacant as leases expire. However, this level remains skewed by a single, 1.1-million SF block of obsolete office space long vacated by IBM in Somers. Without this block the total vacancy rate would drop to 19.9%. After getting off to a slow start, leasing activity leveled off in the second quarter with 430,000 SF of leases tracked. This resulted in a combined 725,000 SF of leasing year to date, on par with levels registered during midyear 2023 but remaining 22.0% below the historical midyear average. Although in recent years smaller deals have kept leasing volumes well below average, this quarter deals ranging from 10,000 SF to 25,000 SF increased by 10.0% from midyear 2023. At $28.72/SF, the county’s direct average asking rent remained unchanged from the previous quarter but was up slightly from $28.56/SF in the second quarter of 2023.
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