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Taubman Centers, the real estate investment trust that owns the 853,000-square-foot facility at 100 Greyrock Place, announced in October that it was putting the mall up for sale.
While the county's commercial space vacancy stands at 26.7% -- and is expected to drop to 23.5% next year -- that still compares unfavorably with the nationwide rate of 12.2%.
Real estate services firm Cushman & Wakefield says there were modest year-over-year increases in office leasing in both Westchester and Fairfield counties during the second quarter of 2019.
About 1.2 million square feet of vacant space could be removed from the market if a proposal to turn the former IBM campus in Somers into a STEM-focused private high school is finalized.
The perennial appeal of Greenwich has led to a significant tightening in the Greenwich commercial business district office market.
The Westchester County commercial real estate marketplace continues its progression toward modernization and becoming stronger from an economic and occupancy perspective.
As the corporate race for millennial and Gen Z talent continues, buildings near train lines and transportation hubs stand to gain the most from the potential uptick in commercial real estate activity.
"Corporations want to be near transportation, which contributes to demand for apartment housing that their workforce wants to be in," said Building and Land Technology COO Ted Ferrarone.