Westchester posts moderate gains in first quarter.Despite steady leasing activity, the Westchester County office market finished the first quarter of 1996 with modest absorption and a slight rise in the county-wide vacancy rate, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the Rostenberg-Doern Quarterly Office Market Report.
Absorption for the first three months of the year totaled 11,064 square feet of Class A and B office space. The vacancy rate for the county was 19 percent, up slightly from 18.7 percent three months ago.
Gains in the market were largely offset by continued 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 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) , which returned more than 155,000 square feet of space to the market in downtown White Plains.
"Restructurings and consolidations by Westchester's large corporate space users continue to play a pivotal role in the overall health of the county's office market. In general, the market remains fundamentally sound with several significant lease transactions during the first quarter of the year," 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 of Rostenberg- Doern Company, Inc.
"The first quarter has generally been a slow period for the Westchester office market. However, unlike the first-quarter results in 1994 and 1995, which showed significant negative absorption, this year is off to a respectable start," Cuddy added.
In the largest lease transaction in Westchester so far this year, Coca- Cola leased 37,000 square feet of space at 3 Skyline Drive
Skyline Drive is a 105 mile (169 km) road that runs the entire length of the National Park Service's Shenandoah National Park in in Hawthorne, NY. The company is relocating some of its operations from Greenwich, CT. Other major transactions for the first quarter included EM Industries' expansion to 47,000 square feet of space at 7 Skyline Drive, Hawthorne; Mystic Mystic, rivers, United States
1 River, c.10 mi (16 km) long, rising in SE Conn. and flowing S past Old Mystic and Mystic villages to the Long Island Sound. Mystic Seaport, a maritime museum, is at its mouth.
2 River, c. Brands' lease of 19,700 square feet at 709 Westchester Avenue, White Plains; Trimark Securities lease of 14,000 square feet in the former Nestle headquarters in Purchase; and an 11,900 square-foot lease by Westminster USA at 4 West Red Oak Lane, Harrison. One North Lexington Avenue in downtown White Plains also reported approximately 29,600 square feet of leases during the first quarter.
The survey of Westchester County's five office markets showed:
Westchester Central Business District
Downtown White Plains reported a negative absorption of 124,785 square feet. The city's vacancy rate rose from 26 percent at year-end to 27.8 percent. Despite the down-sizing of IBM, there was good news to report in this market in the first quarter. Several major law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:
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. as well.
First-quarter absorption in the Harrison - Purchase-Rye office market totaled 78,415 square feet. The vacancy rate was 17.6 percent, down from 18.5 percent at year - end 1995. Several companies expanded their space in this market, including Abitibi-Price and Kraft Foods Kraft Foods Inc. (NYSE: KFT) is the largest food and beverage company headquartered in North America and the second largest in the world after Nestlé SA.
The Philip Morris Company (now known as Altria Group), a company that produces tobacco products, acquired Kraft for . Mystic Brands moved from 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. to Harrison. Other newcomers to the market during the first quarter included Trimark Securities, Bay Networks and Creditanstalt.
The Route 119 office corridor on the western half of the county reported first - quarter absorption of 30,321 square feet of space. The first- quarter vacancy rate was 14.6 percent, up from 12.4 percent three months ago. Two office buildings totaling 118,000 square feet of space came back on the market during the quarter. The buildings had been occupied by Ciba, which moved its headquarters to Tarrytown. The big news in this market was the completion of the acquisition of Halpern Enterprises' office buildings in Tarrytown by Reckson Associates of Long Island.
The northern half of the county lead the Westchester office market with absorption of 125,443 square feet and a first-quarter vacancy rate of 15.5 percent, down from 18.3 percent three months ago. The Mid-Westchester Executive Park in Hawthorne reported several major leases, including the two largest deals of the quarter - Coca-Cola and EM Industries.
First-quarter absorption in the southern half of the county was a negative 98,330 square feet of space. This market, which includes New Rochelle, 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. and Yonkers, had a vacancy rate of 15.4 percent, up from 12.5 percent three months ago.
More than 260 multi-tenant Class A and B buildings in Westchester County were surveyed. Government-owned and -occupied buildings, owner-occupied buildings, medical office buildings and buildings under 20,000 square feet were excluded.