Fairfield and Westchester office markets performing well.According the latest market report by Newmark & Company Real Estate, Inc., the office market in Westchester Westchester is the name of some places in the United States of America:
1 City (1990 pop. 12,200), Jefferson co., N central Ala., an industrial suburb of Birmingham; inc. 1919. Founded (1910) by the United States Steel Corp., its steel industry has greatly declined, negatively affecting the city's economy. during the third quarter of 1999 was very active. Supply and demand fundamentals were strong, as total positive net absorption of 206,162 square-feet in Westchester and Fairfield brought the availability rates down to 16.5 percent and 11.3 percent, respectively. Rental rates continued to rise in both counties, with Fairfield reporting a $0.36 increase to $22.64 per square foot and Westchester showing a $0.07 uptick Uptick A transaction occurring at price above its previous transaction. In order for an uptick to occur, a transaction price must be followed by an increased transaction price. to $22.73 per square foot. "The robust economy of recent years has created major demand for blocks of available space," said Newmark's executive managing director, John D. Goodkind. "Indeed, rising rental rates have combined with declining availability to produce an extremely healthy market." Westchester County's availability rate dropped to 16.5 percent in the third quarter as 84,143 square feet of space was leased. Positive net absorption totaling 137,962 square feet of sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. space overcame the 53,819 square feet of direct space that was returned to the market. "Whereas last quarter witnessed a mass of sublet space being returned to the market, this quarter saw positive absorption of sublet space trump the negative net absorption of direct space," Goodkind said. "For the first quarter in over a year, the county's availability rate dropped to provide a healthy complement to the county's steadily rising rental rates." In Westchester, rents continued to creep upwards. The county-wide rental rate closed the third quarter at $22.73 per square foot as both direct and sublet rents rose to new heights of $22.76 and $22.19, respectively. Rents ascended in all Westchester County submarkets, with Eastern Westchester registering the highest rate of $25.30 per square foot. As availability decreased, space reached a higher premium and tenants were forced to spend more money on space. The largest lease in Westchester County was inked by Bayer Corporation, which took 62,380 square feet of additional space at 555 White Plains Road in Tarrytown Tarrytown (târ`ētoun), village (1990 pop. 10,739), Westchester co., SE N.Y., a residential suburb of New York City, on the E bank of the Hudson opposite Nyack; settled in the 17th cent. by the Dutch, inc. 1870. , located two blocks away from its headquarters. "In a reversal of last quarter's market dynamics, Fairfield experienced greater positive absorption than Westchester," observed Goodkind. Positive absorption of direct space (237,036 square feet) and negative absorption of sublet space (-142,017 square feet) in Fairfield pushed the availability rate down to 11.3 percent. This painted a much brighter picture than the nine-month period from September September: see month. 1998 to June June: see month. 1999, when Fairfield's availability increased two full percentage points. On another bright note, county-wide rental rates increased by $0.36 to reach $22.64 as both direct and sublet rents rose to $21.78 and $24.98 per square foot, respectively. Like Westchester, Fairfield witnessed stable or rising rental rates in all submarkets, with Greenwich Greenwich, borough, Greater London, England Greenwich (grĭn`īj, grĕn`–), outer borough (1991 pop. 200,800) of Greater London, SE England, on the Thames River. Manufactures include telephone equipment and underwater cable. registering the highest rate of $32.58 per square foot. The largest lease this year in Fairfield County Fairfield County is the name of three counties in the United States:
Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. Place. In Fairfield and Westchester, leasing activity slowed over the past year due to a lack of small to mid-sized blocks of space. The construction of three new buildings totaling 351,498 square feet was completed this year in the town of Shelton in Fairfield County. In Fairfield, there are currently no buildings under construction. |
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