New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Office Leasing Gains Strength in Fairfield, Westchester
First-quarter office leasing in Westchester County improved by 22.5% compared to the same period last year, says CBRE, while Fairfield County opened 2019 with the strongest Q1 of leasing activity since 2015. Fairfield’s 725,000 square feet of leasing in Q1 was 9.2% above the five-year quarterly average.
“In Fairfield County, we’re continuing to see the trend of tenants migrating into higher-quality space in CBDs, like Stamford and Greenwich, which are close to mass transit and retail,” said EVP Tom Pajolek at CBRE. “We’re also seeing more adaptive reuse projects take shape across the county, which is shrinking our overall office supply.”
Although Westchester’s Q1 tally was below the five-year average, the county’s availability rate reached its lowest point in more than five years, according to CBRE. “We’re seeing more tenants put an emphasis on finding space that allows their employees flexibility—both in layout and location,” said EVP Bill Cuddy.
Connect New York is coming up on April 30! Click here to register for the event.
For comments, questions or concerns, please contact Paul Bubny
- ◦Lease
