Leasing activity in Westchester County’s office market was down almost 8 percent year-over-year in the second quarter of 2019, but was up 9 percent when compared to the first quarter, the Daily Voice Plus reported, citing data from CBRE. The second quarter saw 153,904 square feet of leasing activity, but the first and second quarters combined had 405,000 square feet of activity, according to CBRE. Renewal activity, meanwhile, clocked in at 226,000 square feet — the highest it’s been since the third quarter of 2017. The availability rate stood still year-over-year, at 17.3 percent, while the average asking price on leases — $28.32 — was down 4.3 percent from the same time last year “because expensive space was leased or otherwise removed from the market,” according to the DVP. Global law firm of Skadden, Arps, Slate, Meagher & Flom, the New York State Department of Labor, shared office space provider Regus and the hedge fund Greywolf Capital Management were involved in the top four renewal deals during the second quarter, the CBRE report said. [DVP]
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