Commercial rents growing slower than Fairfield
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- January
- 16
Westchester County rents for commercial real estate are not growing as quickly as those in Fairfield County, Conn., and New York City, CB Richard Ellis said in its report on the 2007 market released yesterday. But the White Plains central business district saw a $5 per square foot increase over 2006, to an average of $32.58. And demand is growing for Class B office space, as affordability issues drive tenants away from Class A property. Just 7.8 percent of Class B space is available in the county, a level not seen since 2000, the brokerage said. Transactions of less than 10,000 square feet accounted for nearly 90 percent of the county’s overall leasing activity. Countywide average rent in the fourth quarter was $29.04 a square foot, up 6.76 percent from the comparable period a year earlier. The report said 15.52 percent of space was available last quarter, up from 14.68 percent a year earlier.
This entry was posted
on Wednesday, January 16th, 2008 at 6:06 pm by Jerry Gleeson.
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