CBRE’s Westchester and Fairfield County office announced year-end 2014 results for the office sector for both counties.
Fairfield County’s availability rate dropped by 45 basis points, driven by tenant expansions in the Greenwich, Stamford Central Business District (CBD) and non-CBD submarkets, ending 2014 at 20.5 percent.
Central Fairfield saw a stable demand for office space over the year, with Datto, Inc.’s 100,398 s/f lease at 101 Merritt 7 in Norwalk ranking as the fourth largest transaction for the year.
Overall leasing in the county aggregated 2.9 million square feet, which was 17 percent above the five-year average of 2.5 million square feet. Confidence in the economy boosted demand for office space.
In Westchester County, 73,923 square feet of negative absorption was recorded, which was nonetheless an improvement over the 365,067 square feet of negative absorption seen in 2013.
Westchester East and the While Plains CBD submarkets recorded 43 percent and 21 percent of leases countywide, respectively.
The county’s largest lease during the course of the year was for 85,000 square feet, taken by MBIA, Inc. at 1 & 2 Manhattanville Road in Purchase.
CBRE found that contiguous spaces larger than 100,000 s/f in Westchester are in limited supply, with only four such blocks available countywide.