The commercial real estate services firm CBRE reports that office leasing activity in Westchester during the first quarter of 2024 was up by 10% from where it was in the fourth quarter of 2023. In a report released this morning, CBRE said that office leasing activity in the first quarter of this year totaled 225,000 square feet. The report said that asking rents averaged $29.85 per square foot, unchanged from the last quarter of 2023.
CBRE reported that the White Plains central business district reported 72,000 square feet leased during Q1 but that unlike past quarters 93% of the activity was for spaces under 10,000 square feet.
CBRE said that 28% of the office space leased in Westchester during the first quarter was for professionals services, in sharp contrast to what happened during 2023 when only the 2% of the space leased was for professionals services. CBRE said that most of the leasing activity took place in the Westchester East sector, which has led in leasing activity for the past seven quarters. It said that leasing activity in Q1 of 2024 was 9% ahead of the quarterly five-year average.
Among the top transactions during the first quarter of 2024 were:
- 35,580 square feet at 500 Mamaroneck Ave. in Harrison leased by PKF O’Connor Davies LLP;
- 22,018 square feet at 1133 Westchester Ave. in White Plains leased by Citrin Cooperman & Company LLP;
- 12,328 square feet at 120 White Plains Road in Tarrytown leased by Travelers Insurance Company;
- 11,970 square feet leased by Welby, Brady & Greenblatt at 50 Main St. in White Plains;
- 11,228 square feet at 440 Mamaroneck Ave. in Harrison leased by Northwell Health.
“Better than expected growth over the last 18 months has been helpful in holding real estate vacancy down, notably in the industrial, retail and multifamily sectors,” CBRE said.
