More office space vacated than leased in Westchester.Office leasing activity in Westchester County during the third quarter of this year was dominated by small to mid-sized companies, while consolidations and TWA's announced corporate relocation continued to hamper a recovery. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a quarterly survey released today by Rostenberg-Doern Company, Inc., there was more space vacated than leased in the county during the third quarter of this year, resulting in a negative absorption of 138,264 square-feet. TWA's announced relocation from Westchester accounted for 166,000 square-feet of new inventory. The countywide vacancy rate at the end of the third quarter was 27.6 percent, a slight increase from 27.1 percent at midyear. There were three significant lease transactions to report in the county during the third quarter: Dannon's 37,000 square-foot lease in Tarrytown; a 15,000 square-foot lease by Mitsubishi in Rye; and Montefiore Medical Center's lease for 15,000 square-feet in Yonkers. 'The Westchester office market is experiencing strong leasing activity from many small to mid-sized businesses. Companies are looking to benefit from competitively priced rents at premium office locations," said William V William V may refer to:
n. pl. cud·dies 1. Nautical A small cabin or the cook's galley on a ship. 2. A small room, cupboard, or closet. [Origin unknown. , Jr., Senior Vice President and Principal of Rostenberg-- Doern Company. "With over 400,000 square-feet of leasing activity in the past three months there has been a discernable rebound in the market," Cuddy added. The survey of Westchester County's five markets showed: Downtown White Plains, which had been particularly hard hit by corporate consolidations by IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and AT&T, reported its second consecutive quarter of positive absorption, with 17,667 square-feet of space absorbed in the third quarter. The city's vacancy rate is 34.6 percent, down slightly from 34.9 percent at midyear. MAJOR DEALS: Ernst & Young expansion (18,000), Keane & Bean (9,000) and Commonwealth Title (5,000). Westchester East, a market that includes the I-287 corridor of Harrison, Rye, Rye Brook and Purchase, posted an absorption of about 22,000 square-feet of space. The vacancy rate in this market fell slightly to 29.4 percent. MAJOR DEALS: Mitsubishi (15,000), Miller & Miller (11,000) and Lanier Worldwide (7,000). Westchester West, which is primarily the Route 119 corridor of Tarrytown, received further news from IBM during the quarter. An additional 108,000 square-feet of space was returned to the market by IBM. In addition, AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group returned 13,000 square-feet of space to the market. MAJOR DEALS: Dannon (37,000), Ramenstein (13,500) and Independent Health Associates (12,000). Westchester North had. a negative absorption of 143,759 square-feet of space and a rise in vacancy rate from 22.8 percent at midyear to 26.3 percent at the end of the third quarter. TWA's move-out in Mount Kisco accounted for the bulk of the surplus space. MAJOR DEALS: Emigrant Savings Bank Emigrant Savings Bank was founded in 1850 by 18 members of the Irish Emigrant Society and is the oldest savings bank in New York City. The bank was originally founded to serve the needs of the immigrant community in New York and has grown to be the largest privately owned bank in expansion (25,000). Westchester South, a market that includes New Rochelle New Rochelle (rōshĕl`), city (1990 pop. 67,625), Westchester co., SE N.Y., on Long Island Sound; settled by Huguenots 1688, inc. as a village 1858, as a city 1899. , Yonkers and Mount Vernon Mount Vernon, estate, United States Mount Vernon, NE Va., overlooking the Potomac River near Alexandria, S of Washington, D.C.; home of George Washington from 1747 until his death in 1799. , saw little change during the past three months. About 10,000 square-feet of space was absorbed and the vacancy rate fell from 16.2 percent to 15.9 percent. MAJOR DEALS: Montefiore Medical Center Montefiore Medical Center, in the Bronx, New York, is the university hospital of the Albert Einstein College of Medicine. The hospital, named after Moses Montefiore, is one of the 50 largest employers in New York State [1]. (15,000) and Travelers (6,000). |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion