Fairfield witnessing record activity; Westchester still facing challenges.
As the largest commercial real estate brokerage firm in Westchester Westchester is the name of some places in the United States of America:
killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302]
See : Patricide . Gordon Gordon, river in W Tasmania, Australia, 125 mi (200 km) long. Flowing from mountains to the W coast, its main tributaries are the Franklin and Denison from the N, and Serpentine and Olga to the S. Company recognize the challenges this county faces on its road to complete recovery. At the same time, we are pleased to witness and play a role in the revival of Fairfield County Fairfield County is the name of three counties in the United States:
Despite steady leasing activity, corporate downsizing (1) Converting mainframe and mini-based systems to client/server LANs.
(2) To reduce equipment and associated costs by switching to a less-expensive system.
(jargon) downsizing continued to have negative effects on the Westchester County commercial real estate market, causing an increase in availabilities in the first quarter of 1994.
The county-wide availability rate increased 51 basis points since year-end year-end also year·end
The end of a year.
Occurring or done at the end of the year: a year-end audit.
Noun 1. 1993's 20.75 percent, closing the quarter at 21.26 percent (or 7.05 million square feet of available space). This increase is the direct result of space recently returned to the market. These new availabilities include: 130,000 square feet at 1 North Lexington Lexington.
1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. Avenue in White Plains; 120,669 square feet at 549 Pleasantville Pleasantville.
1 Residential and resort city (1990 pop. 16,027), Atlantic co., SE N.J., just W of Atlantic City; settled 1702, inc. 1888. It is the trade center of an area known as "the Mainland. Road in Briarcliff Briarcliff may refer to:
The return of space to the market, due to continued corporate downsizing, outpaced leasing activity during the first quarter. As a result, the Westchester County office market experienced 163,665 square feet of negative net absorption.
Leasing activity during the first quarter of 1994 totalled 510,000 square feet, comprised overwhelmingly of transactions smaller than 5,000 square feet. The average transaction size was 3,721 square feet. Overall, leasing velocity for the first quarter of 1994 was 12.48 percent lower than that of the first quarter of 1993.
The Westchester County office market is dominated by relatively small, local tenants. Their continued demand for space is contributing to stabilization Stabilization
The action undertakes a country when it buys and sells its own currency to protect its exchange value.
Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders in the market - however these small transactions are indicative of a slow market recovery.
The picture for Fairfield County is much brighter. Extraordinarily strong leasing activity. especially among "Class A" properties, resulted in the net absorption of space and a decline in availabilities during the first quarter of 1994.
Leasing velocity across the county during the first quarter of 1994 totalled 1.187 million square feet, surpassing first-quarter 1993's 822,000 square feet in velocity by 44.37 percent. The number of leasing transactions recorded during the first three months of 1994 totalled 209, exceeding the number recorded in each of the four quarters of 1993.
The net effect of this leasing activity was the absorption of 471,107 square feet of space. As a result, Fairfield County's overall availability rate dropped an additional 119 basis points since year-end 1993, closing the quarter at 19.79 percent equal to 7.85 million square feet of available space).
The Central Fairfield market segment had the most leasing activity during the first quarter of 1994, with 62 separate transactions totalling 392,827 square feet. The Stamford Central Business District (CBD (Component Based Development) Building applications with components (objects). See component software.
CBD - component based development ) was close behind with 49 leasing transactions totalling 264,797 square feet of space,
In terms of transaction size, the average transaction was for 5,681 square feet of space, a significant increase over the 4,737 square feet average size charted at year-end 1993. Overall, the majority of transactions (150) were for less than 5,000 square feet of space last quarter. Just three transactions were recorded greater than 50,000 square feet in size.
Leasing activity within "Class B" properties has been consistent, averaging 262,064 square feet per quarter over the past five quarters. At the same time velocity within "Class A" space has increased dramatically during the same period of time. First quarter 1993 recorded leasing velocity of 488,683 square feet for "Class A" space, while First Quarter 1994 recorded leasing velocity of 900,650 square feet - an increase of 84 percent.
A boost in market confidence can be seen from the recent trend of increased leasing velocity in "Class A" properties. This trend, partly due to a continual decline in rental rates, is resulting in a tightening of availabilities in the higher quality space.
Clearly, Westchester and Fairfield counties present distinct pictures: one market beginning its journey of recovery, the other firmly trekking toward the finish line.