C&W finds silver lining, despite dire numbers.Cushman Cushman is a manufacturer of industrial vehicles, personal vehicles, and other custom vehicles, including parking patrol auto rickshaws. Models Haulster (Small industrial multi-purpose truck) Bellhop Series (Golf Carts) Tug(Large Truck) & Wakefield Wakefield, estate, United States Wakefield, family estate of George Washington, on the Potomac River, E Va.; part of the George Washington Birthplace National Monument (see National Parks and Monuments, table). has released statistics for the Westchester Westchester is the name of some places in the United States of America:
Cushman & Wakefield reported that several tenants in Westchester county are in the market for office space in excess of 50,000 s/f for relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. and/or expansion. Leasing activity from these tenants will do much to improve the vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rate, which stands at 17.0% for the county, an increase from the yearend 2004 rate of 16.8% and the first quarter of 2004 rate of 15.6%. The increase in vacancy is mostly due to several owner-occupied buildings returning to the market as available space. Leasing activity in Westchester county totaled 232,865 s/f in the first quarter of 2005, trailing last year's first quarter total of 324,965 s/f. Ginsburg Development signed one of the largest new leases during the quarter, relocating and expanding to 36,341 s/f at 100 Summit Lake Drive in Valhalla and vacating 15,000 s/f at 245 Saw Mill River Road in Hawthorne.Encore Credit also subleased 21,197 s/f at 925 Westchester Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent . in White Plains non-CBD. "While leasing activity in Westchester county for the most part was limited in the first quarter, several large deals in the marketplace and the continued improvement of the local economy, are encouraging signs," said Jim Fagan, senior managing director and head of Cushman & Wakefield's Westchester county, Fairfield county Fairfield County is the name of three counties in the United States:
The dominant building in Westchester county is currently 800 Westchester Ave., where a majority of leasing activity will occur over the next year. In addition to a robust pipeline, two new tenants signed leases in the first quarter. Regional News Network, Inc. signed for 10,000 s/f of office space and 8,000 s/f of studio space, while IllyCafe North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Inc. signed for 13,000 s/f of space. The building's total leasing activity since the Altria Group's departure and RPW RPW Regulative Principle of Worship RPW Real Pro Wrestling RPW Random Plane Wave RPW Recorder Players West (Los Angeles, California) RPW Random Packet Win (throughput scheme) RPW Rugged Pentium Workstation Group's subsequent remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling of the building now totals 83,960 s/f. The net effect of the slow leasing activity led to negative overall absorption of 171,873 s/f for the county. A majority of the negative absorption was concentrated in the Southern and Eastern sub-markets, where large blocks of space were placed on the market, such as 60,000 s/f at 1 Ridge Hill Road in Yonkers and 27,000 s/f at 70 West Red Oak Lane in Harrison. Over 85% of the spaces that came on the market during the quarter, however, were less than 10,000 s/f, ideal for the average-size tenant in Westchester county. In addition to large tenants in the market, smaller tenants have increased activity in the first quarter of the year, further improving the outlook for 2005. Despite the rise in vacancy rate, direct office rental rates increased in the county, ending the first quarter of 2005 at $28.68 per s/f versus the first quarter 2004 average rent of $28.27 per s/f. The investment market slowed in the first quarter of 2005 after a brisk Brisk as a proper name may refer to:
While there were no major sales in the county during the quarter, investment activity is expected to continue its robust performance over the course of 2005. Although interest rates rose over the last year, borrowing remains historically cheap and real estate continues to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. the traditional asset classes. The strong economic trends in Westchester county continued, with the latest unemployment rate in Westchester county registered at 4.0%, a significant improvement since last year's 4.8%. The improved economic conditions across the county have stimulated companies into hiring new employees nationally and locally, while the lower cost-of-living for workers in Westchester county provided a viable alternative to New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . OFFICE MARKET STATISTICS BREAKDOWN CLASS A & B Westchester County 1Q '05 4Q '04 1Q '04 Overall Vacancy 17.0% 16.8% 15.6% Direct Average Rent $28.68 $28.80 $28.27 White Plains CBD 1Q '05 4Q '04 1Q '04 Overall Vacancy 15.3% 14.9% 19.7% Direct Average Rent $29.48 $29.59 $30.12 White Plains NON-CBD 1Q '05 4Q '04 1Q '04 Overall Vacancy 13.6% 13.5% 17.5% Direct Average Rent $29.62 $29.50 $29.74 Northern 1Q '05 4Q '04 1Q '04 Overall Vacancy 24.0% 24.2% 16.4% Direct Average Rent $25.12 $25.13 $24.50 Central 1Q '05 4Q '04 1Q '04 Overall Vacancy 15.8% 15.6% 13.8% Direct Average Rent $26.21 $26.44 $26.92 Eastern 1Q '05 4Q '04 1Q '04 Overall Vacancy 21.1% 21.7% 13.9% Direct Average Rent $30.59 $30.90 $29.92 Southern 1Q '05 4Q '04 1Q '04 Overall Vacancy 10.6% 7.3% 9.0% Direct Average Rent $24.83 $24.28 $22.60 |
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