Westchester County experienced one of the strongest quarters in the last two years, a sign that the market may have turned a corner from the pandemic lows.
As demand continues to slowly increase, average asking rents increased 0.29% to $30.53/SF and the availability rate decreased by 60 basis points (bps) or 173,924 SF quarter-over-quarter. Renewals again represented three of the five largest transactions and accounted for roughly 31% of the total leasing volume for the first quarter of 2022 at 99,818 SF. Following suit with the previous three quarters, available space continues to drop as demand does not let up. With no new construction focused on office space, expect the average asking rent to stay above the $30/SF mark.