The Real Deal New York

Westchester office rents hit a 15-year high in Q1

April 12, 2018 11:13AM

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]