Real Estate Weekly
Image default
Deals & Dealmakers

Major retailers and owners show confidence in the Westchester Retail Market as both pricing and leasing activity increase

RM Friedland announced six new retail leases, totaling 30,382 square feet in the month of December with leases to experiential, national, and well-known regional tenants in some of Westchester County’s best centers including: Cortlandt Crossing in Mohegan Lake and The
Waterfront in Port Chester. This punctuates a year ripe with retail leasing activity with tenants of all types. This activity included transactions with tenants such as: DeCicco
& Sons, Jersey Mike’s, Air Riderz, Parsons Xtreme Golf and My Salon Suite to name just a few.

Senior Vice President, David Scotto, who has been a broker with RM Friedland for over16 years represented the owner/landlords in each of these transactions.

“We have seen an increase in retail leasing activity across Westchester County,” said Scotto. “Tenants that had been dormant during covid such as boutique fitness and other experiential retailers are back in the market in full force.”

This sentiment is echoed in the statistical numbers for the fourth quarter. According to the RM Friedland Q4, 2022 Retail Leasing Report, the average availability rate for retail space in Westchester was at 6.17%, which is down slightly quarter over quarter and back to a healthy level after a brief surge post pandemic. The average asking price is $37.01which is up both quarter-over-quarter and year-over-year. This is a sign that owners are optimistic about the activity that they are seeing in the market.

“All signs point to a positive year for brick-and-mortar retail in Westchester County. An equilibrium between online and in-person shopping seems to have been reached. We are enthusiastic about the year ahead.” said Sarah Jones-Maturo, president of RM Friedland.

For a copy of the RM Friedland Q4 Westchester and Bronx Retail and Office Leasing Market
Reports, please contact RM Friedland at 914-968-8500 or email info@rmfriedland.com

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million

REW

Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building

REW

Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando

REW