White Plains office vacancies down 5 percent from last year

Demand for office leases rose in Westchester County’s urban centers in 2017, according to a Cushman & Wakefield report, and the easy access to transit is the driving force behind the growth. The county’s vacancy rate was 19.6 percent at the end of 2017, 1.6 percent lower than it was in 2016. Downtown White Plains showed the largest improvement with a vacancy rate of 16.7 percent in 2017, well below the 21.7 percent in 2016. “Demand is strong, vacancies continue their decline, major employers are making commitments, and new residential is starting to follow,” said Jim Fagan, a managing principal at Cushman. “There is no question that access to transit is a key driver.” [Cushman & Wakefield]