WESTCHESTER COUNTY OFFICE MARKET
| Total Inventory (SF) |
27,463,607 |
|
| Availability Rate (%) |
Total |
24.5% |
| |
Direct |
21.3% |
| |
Sublet |
3.3% |
| Average Asking |
Total |
$26.81 |
| Rental Rate (Price/SF) |
Direct |
$27.35 |
| |
Sublet |
$21.14 |
| Net Absorption (SF) |
2Q10 |
99,104 |
| |
1Q10 |
-72,242 |
| |
4Q09 |
-58,532 |
| Under Construction (SF) |
|
0 |
Available space continued to be added to the market in the Westchester County office market in the second quarter of 2010; the availability rate rose to a five-year high of 24.5%, up from 23.2% in the first quarter. The average asking rent in the county slipped to $26.81/sf in the quarter, down from $27.02/sf in the first quarter and the market high of $29.60/sf in the first quarter of 2008. Despite these fundamentals, absorption was positive for the first time in the last seven quarters at 99,104 square feet.
The New York State Department of Labor reported that the unemployment rate for Putnam-Rockland-Westchester was 6.6% at the end of May 2010, below the historical May high of 7.0% in May of 2009. Total nonfarm employment for the counties fell by 2.5% in the 12 months ending in May 2010 - a loss of 13,800 jobs. The U.S. Bureau of Labor Statistics reported that the Consumer Price Index for the New York metro area increased 2.2% in the 12 months ending in May.