Commercial Stat of the Week
Robert Sammons of Cassidy Turley explains:
Fairfield County has the dubious honor of being the only market in the metro area to have an overall vacancy rate greater than 20 percent, closing the second quarter at 20.7 percent (the Class A subset was even less positive at 24.1 percent). It has been worse for this struggling market—in fact, just in the first quarter of this year, the overall vacancy rate was 20.9 percent.
The Commercial Observer: Fill me in on how the market is doing in Westchester:
John Barnes, Reckson senior vice-president: Well, we’re starting to see some movement in the Westchester market in a positive direction. One of the indicators for Westchester County is the White Plains CBD; and we’re starting to see the occupancy numbers tighten Read More
In recent years, the outer office markets of the tri-state area–Long Island, northern New Jersey, Westchester County and Connecticut’s Fairfield County–have provided refuge for companies looking to flee Manhattan, whether because of 9/11 or prohibitively high rents. But for the first time in recent memory, the suburbs are competing directly with the city as Manhattan Read More
Beyond Manhattan’s gilded skyscrapers are the tristate region’s outer office markets: Long Island, northern New Jersey, Westchester County and Fairfield County in Connecticut. Rents are still down and vacancies are still high, but tenants are no longer paralyzed by the downturn and jump at a good deal, especially when a property is close to public Read More