Corporate down-sizing changes suburban scene.
In Westchester County, where IBM and New York Telephone once commanded the most space of any users, we now see smaller, newer companies making up the bulk of leasing transactions. In fact, during the first nine months of 1993, more than 47.89 percent of all leasing deals in Westchester County were for offices of 10,000 square-feet or less.
Fortunately, these transactions really add up, totalling 703,644 square-feet of space, and boosting leasing activity county-wide to a nine month total of more than 1.5 million square-feet.
The nature of these new tenants is as encouraging for Westchester County and suburban markets throughout the U.S. as the aforementioned leasing statistics. As one of Westchester County's largest landlords, we at EastRidge Properties are encouraged by our newest tenants, many of them small, entrepreneurial firms that are flourishing in our efficient, suburban setting.
We have found that many of these tenants are former corporate executives who have rounded their own businesses and opted for suburban offices. In just about every situation, these tenants choose EastRidge Properties for more than its office space and amenities-they choose EastRidge Properties because of the lifestyle it affords them.
Most EastRidge Properties tenants live nearby. Their children are in neighboring schools, their health clubs and favorite retailers are just minutes away. Besides cutting hours off their weekly commute times, these tenants also feel safe and comfortable in our lush suburban setting, especially when compared to the urban office towers most used to visit daily.
These new users do not yet embody the strength of such major corporate giants as IBM or New York Telephone, but we are confident that they do represent continued growth and vitality for the Westchester County office market.
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|Title Annotation:||Suburban Markets; suburban office market dominated by independent entrepreneurs|
|Author:||Ziatyk, Michael J.|
|Publication:||Real Estate Weekly|
|Date:||Oct 20, 1993|
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