The Real Deal New York

Westchester and Fairfield Cheat Sheet: Office rents hit 15-year high in Westchester … & more

By Aidan Gardiner | April 11, 2018 02:45PM

Clockwise from top left: Westchester home sales dipped in Q1, Fairfield gave the go-ahead on a $40M mixed-use development, Port Chester launches ‘Planapalooza’ and office markets saw a promising Q1 in both counties.

Westchester office rents hit a 15-year high in Q1
Both Westchester and Fairfield counties’ office markets saw a strong start to 2018, according to CBRE’s first quarter market report. Westchester’s rents rose to a 15-year high of $29.43 per square foot as adaptive repurposing pulls office space off the market. Availability dropped to 22 percent from 27 percent in the previous quarter. Fairfield had its strongest start in three years with 611,000 square feet leased. “Given Greenwich’s lack of space, we believe that Stamford is poised to see a bump in leasing activity,” said CBRE’s Thomas Pajolek. “The city’s quality office space and comparatively lower rents should accelerate the relocation trend that started when First Reserve and PartnerRE moved to the area from Greenwich in 2017.”  [CBRE]

‘Planapalooza’ launched to change Port Chester’s zoning rules
Port Chester began the first major overhaul of its zoning since 1975. Village officials want to focus more on the actual look of buildings rather than what they’re used for, Westchester Business Journal reported. Last year the town allocated $650,000 to the project and has now hired Tennessee-based Town Planning & Urban Design Collaborative. Those leading the rezoning charge hope to retain aspects locals like about their area while encouraging growth. The Tennessee consultants showcased ideas like a greener waterfront, large mixed-use developments near the train station and streets redesigned around bike-friendly concepts. [WBJ]

Fairfield signs off on $40M mixed-use development
Fairfield officials unanimously gave the go-ahead on a five-story development that will create 160 apartments and 22,000 square feet of ground-floor retail space. The $40 million development would also have parking for 480 vehicles. The project, which should break ground later this year, will be spearheaded by Abbey Road Advisors and Skala Partners. The two worked on a similar project, Trademark Fairfield, which was completed in June. [FBJ]

Westchester sales down 3 percent from last year
In the first quarter of 2018, the number of homes sold fell nearly three percent from the same period the year before, according to the first Westchester market report published by Berkshire Hathaway, which acquired Houlihan Lawrence last year. The number of sales has steadily declined since the third quarter of 2017, the report states. The median list price hovered at $455,000 in the first quarter, up just two percent from the same period last year. Berkshire Hathaway’s report also noted that rising rents appear to be pushing young adults to buy. [Berkshire Hathaway]

Westchester County may take up stalled Memorial Field reconstruction in Mount Vernon
Westchester County officials are considering pushing forward on a plan to fix up Memorial Field in Mount Vernon, which has fallen into disrepair. A decade ago, city and county officials launched a $12.7 million plan to erect a new stadium with an eight-lane running track, but that project fell by the wayside as millions of dollars were squandered and administrations changed, LoHud reported. Officials now hope to have the park open by the summer but have to remove debris and fix it up to do so. [LoHud]