First Quarter Reveals Promising Results for Commercial Market as Westchester Outperforms Fairfield County
Westchester County’s real estate market is looking up, according to officials at the brokerage firm CBRE. According to Robert Caruso, CBRE senior managing director, Westchester has outperformed Fairfield County since the beginning of the year. “The market has turned the corner,” he said at a first quarter market overview press briefing attended by the Westchester County Association. “The outlook over the last six weeks has become increasingly bullish.”
Caruso cited several factors as reasons for his positive outlook:
• Continued expansion of New York hospitals—such as Montefiore Medical Center, New York Presbyterian and Memorial Sloan Kettering—into Westchester; • 50,000 square feet of positive absorption in the central business district in the City of White Plains; • and a 28 percent increase in leasing velocity in Westchester County.
In addition, he said, New York auction house Sotheby’s is considering taking 120,000 square feet of office space in downtown White Plains, and up to 4,000 new multi-family housing units in Westchester are currently in the planning and development phases.
Marissa Brett, the WCAs executive director of economic development, found the news very encouraging. “Increased leasing activity means Westchester’s office buildings are filling up,” she said. “More multi-family housing signals more options for young professionals looking to live near their jobs. Through our BLUEPRINT for Westchester, we’ve long advocated for transforming Westchester’s cities and towns into attractive places for young professionals to Live.Work. Play. as key to our region’s economic growth.”