Recession up-state style.
The northern New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of suburbs have been experiencing their own version of the real estate recession, with some patterns different from 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. and other areas.
As in most places, there is an over-supply of office space. Right now, White Plains, especially downtown, seems most impacted with vacancy rates over 30 percent. The Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. and Montvale, New Jersey Montvale is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 7,034.
Montvale was incorporated as a borough on August 31, 1894, from portions of both Orvil Township and Washington Township, at the height , areas, previously hard-hit, seem to have stabilized with some positive absorption. Of course, between the credit crunch Credit Crunch
An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. and poor market, there is no new speculative construction.
The industrial market has consistently been less weak. Vacancies have been between 10 percent and 15 percent, in a market with significant owner and single tenant occupancy. The most new activity seems to be the major distribution facility; Caldor's 500,000 square feet and Baxter's 800,000 square feet, both near Stewart Airport in Orange County.
Other areas, such as Rockland County, New York Rockland County is a county located in the U.S. state of New York, 12 miles north-northwest of New York City. As of the 2000 census, the population was 286,753. The county seat is New City. The name comes from "rocky land," an early description of the area given by settlers. , and Shelton, Connecticut, seem to have increased occupancy particularly of the medium-sized (30 to 100,000 square feet) single-story flex-type space. At Rockland Corporate Park only one formerly owner-occupied building is available, and there has been increased interest by small to medium users at The Nyacks Corporate Park. It is actually difficult to place the smaller flex-type user in these markets.
One side note on brokers. In the past few months both Rockland and Orange Counties held brokers' tours. One could not help but be struck by the positive attitudes, good overall turnout, and significant attendance by brokers from New York City and the closer suburbs.