Rents start to stabilize in Westchester County's office market.While many office markets throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. are experiencing a dramatic impact caused by the changing economy and the failure of some high tech firms, CB Richard Ellis' 2001 second quarter office market statistics for Westchester County indicate a relative status quo [Latin, The existing state of things at any given date.] Status quo ante bellum means the state of things before the war. The status quo to be preserved by a preliminary injunction is the last actual, peaceable, uncontested status which preceded the pending controversy. as compared to the beginning of the year. The vacancy index is now at 11 percent, county wide, up slightly from the 10.9 percent at the end of the first quarter but still a healthy 40 percent lower than it was two years ago. There is definitely less velocity in the marketplace with demand off from its record highs in the year 2000 and rents seem to be stabilizing. The most noticeable change, compared to this time last year, is the number and size of the transactions in the marketplace. Recent lease transactions in Westchester County include: MetLife taking 55,000 square feet at 445 Hamilton Avenue and Trigen Energy Corp, expanding into 37,000 square feet at 3 Barker Avenue, White Plains; Petals taking 35,000 square feet at 155 White Plains Road in Tarrytown; Austin Nichols and Company leasing 31,500 square feet at 777 Westchester Avenue; Bernard Harris Publishing taking 30,000 square feet at 2500 Westchester Avenue and Verizon leasing 31,000 square feet at 2975 Westchester Avenue in Purchase. These transactions are considered the largest leases signed thus far in 2001 and when compared to the 16 office transactions of last year 2000 in Westchester County of 40,000 square feet or more, it is indicative of the current market dynam ics. In spite of Westchester County's office market being relatively flat compared to the record activity of last year, it continues to be an increasingly attractive alternative for space when compared to the even tighter market conditions and higher rents in neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. 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 Fairfield County Fairfield County is the name of three counties in the United States:
We have not seen any new office construction thus far in the year 2001, although developers including Lashins in Armonk, Louis Dreyfus in Valhalla and Goldens Bridge, Reckson in Rye Brook and Valhalla and Cappelli Enterprises in 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. are poised to build new space as tenant commitments are secured. The major blocks of space in the marketplace which were previously occupied by corporate users continue to supply the inventory of Class A office space as opposed to new development. Properties formerly occupied 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) in White Plains, Mt. Pleasant and Rye Brook, as well as the former Kraft property at 333 Westchester Avenue in White Plains represent the largest blocks of existing space in Westchester County. Creative repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. efforts to satisfy the needs of the smaller to medium size corporate tenant of Westchester County are underway. The former Pepsico property in Somers and the prospects of additional space coming to the market due to the Chevron/Texaco merger add to the diverse offerings. The office market in Westchester County over the last 20 years has matured, significantly. It continues to ebb and flow the alternate ebb and flood of the tide; often used figuratively. See also: Ebb . Right now we are in a bit of an ebbtide and we anticipate that the focus on the demand side will increase over the next several quarters. |
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