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Westchester County Office Market Snapshot Q1 2022

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As concerns and restrictions related to COVID-19 have increasingly been alleviated, employees are gradually starting to return to the office. 

Expect landlords to augment their offerings, increase amenities, and adapt spaces as employees trickle back into the office. As demand slowly increases, average asking rents increased 1.57% to $30.44/SF and the availability rate decreased by 30 basis points (bps) or 96,012 SF quarter-over-quarter. Renewals represented three of the five largest transactions and accounted for 45% of the total leasing volume for the first quarter of 2022 at 105,456 SF. Available space will continue to drop as demand persists, construction pipelines focused on multifamily, and certain buildings become owner-occupied.

 

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Westchester County Office Market Snapshot Q1 2022

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Lars Remole

Research Analyst

Stamford

Responsible for providing research and analytical services for all the brokers in the Fairfield/Westchester County and Long Island markets to ensure appropriate positioning, informed actions, strategic targeting, and smart decision-making.

Collect and analyze market information and economic events.

Produce market publications, research papers, requests for proposals, and ad hoc reports.

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