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Westchester County Office Market Snapshot 4Q 2020

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As COVID-19 begins to surge again, and with hopes tied to a new vaccine that was developed in record time, and yet not able to arrive soon enough, the only thing that has become certain among Westchester’s office occupiers is more uncertainty. As result of these unusual times, along with brittle macroeconomic conditions, it is no surprise that leasing activity has dipped, as many real estate decisions are patched over with short term leases or delayed all together. The net result is that leasing activity totaled just 202,386 SF in the fourth quarter, which is a 16.5% decrease from last quarter and a 52.2% fall compared to the end of last year. While new supply has not been the onslaught that many have expected, there was enough newly available space to push the overall availability rate up by 70 basis points (BPS) from last quarter to 23.3% -the highest rate on record. The largest contributor to the increase was HistoGenetics, who put their 101,603 SF up for lease at 102 Corporate Park Drive in Harrison, which accounted for roughly half of the increase in available space this quarter. As landlords look to put 2020 in their rearview mirror, there is some hope that with a vaccine, the market will make a turnaround in 2021, though it remains to be seen how demand will be impacted by companies taking a new approach to flexible work from home programs.


White Plains

Westchester County Office Market Snapshot 4Q 2020

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