Home Authors Posts by Howard Greenberg
From a multitenant office market of more than 33 million square feet about 12 years ago, we have demolished and/or repurposed almost 6 million square feet of multitenant office space, and have not built any new office buildings at all.
Westchester has morphed from a sleepy bedroom community that rarely saw any interest from developers outside the county to a vibrant county attracting major developers.
All of the repurposing and demolition of functionally obsolete office buildings is accomplishing the desired goals: less vacant space and a more balanced market.
The Westchester County office market moved forward on two fronts during 2018. The first was a continuation of the positive absorption trend. The second was the continued demolition or repurposing of existing buildings.
Some sellers are taking some profits. Some are selling off noncore properties to redeploy their capital. Some buyers are buying income in place, and others are looking to add value and rent at higher numbers.
This report is a confirmation that the positive trends of 2017 are continuing this year.
This has been a year when great changes in our real estate landscape have taken place. The next few years, as our cities continue to be built out and attract new residents, will be interesting to watch.
It is fitting that some of the oldest office stock in Westchester County is now being demolished and the sites redeveloped with higher and better uses.
As of the end of the third quarter of 2016, office leasing velocity was on par with last quarter’s total of 500,000 square feet....