The Real Deal New York

Westchester office conversion projects boost rents in Q1

April 26, 2018 02:34PM

The adaptive repurposing of offices has been trending in 2018, according to a report from CBRE. The conversions have paid off, as availability has dropped by 1 million square feet, compared to from the end of 2016 while rents have hopped by $2.02 square feet in the same period. The trend has brought down the amount of unused space while giving residents things they need and want, the report states. One of the largest repurposing projects in the county is of the former AT&T offices in White Plains, which will be converted into 243 residential units. [CBRE]