PRINT JOURNALISM: BECAUSE IT STILL MATTERS. JANUARY 6, 2020 VOL. 56, No. 1
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The White Plains Central Business District continued to enjoy positive momentum in 2019. Photo by Peter Katz.
INSIDE
2020 market strength NKF EXPECTS WESTCHESTER OFFICE MARKET TO BUILD ON 2019 GAINS
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PAYING FOR ROADS
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SPORTS AND SALES
BY PETER KATZ pkatz@westfairinc.com
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he commercial real estate advisory firm Newmark Knight Frank (NKF) reported that the Westchester office market finished 2019 on solid footing and it expects that, for the most part, the market will build on the gains in 2020. As the year was ending, the overall availability rate for office space in Westchester finished at
quarter, with agreements 20.1%, the lowest since 2014. for 510,000 square feet. The overall vacancy rate finNKF counted 107 renewals ished the year at 16.2%. The signed in 2019 compared vacancy rate includes space with 80 in 2018. Renewal that is currently unoccuvolume was 860,000 square pied and the availability rate feet, up 35.2% over 2018. includes unoccupied space The number of new leasplus space which, while not es along I-287 declined 8.8% yet vacant, is available for a TWB Loan Decision from 970,000 square feet in leasing deal. Banner Ad 2018. In 2019, the figure was NKF said renewal leas6” w x 1.5” h 885,000 square feet. The ing activity in 2019 came 8-20-19 number of new-lease deals to approximately 1.8 milcame to 172, which was 41 lion square feet, which was fewer than in 2018. 4.2% above the previous NKF said the largest year’s total. The fourth quarrenewal was signed by ter saw a 48% jump from leasing activity in the third » 2020 6
NEXT STOP, GRAND CENTRAL DATA SHOW MANY HUDSON VALLEY RESIDENTS DEPEND ON NYC BY PETER KATZ pkatz@westfairinc.com
MORE THAN 24% OF HUDSON VALLEY RESIDENTS
who work commute to their primary jobs in New York City, according to a report from Marist College’s Bureau for Economic Research. The report is titled “Commutation Trends in the Hudson Valley 2015-2017.” The report showed that what’s called “labor market efficiency” continued to decline. It’s the relationship between the demand for jobs within a given geo-
YOUR LOCAL COMMERCIAL LENDER
graphic region, in this case the Hudson Valley, and the supply of jobs. As of 2017, 58.6% of all Hudson Valley residents who worked had their primary jobs located in the region. Only 43.5% of the workforce was able to work in the county in which they lived. In Westchester, the figure was 44.4%. The director of the bureau, Christy HuebnerCaridi, told the Business Journal that the established trends and her personal observations suggest that when data from 2018 and » HUDSON VALLEY
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