April 27, 2017
Companies are bidding high for office space in White Plains, NY.
“This is a bull market and the strongest we have seen since pre-2008,” said Jim Fagan, managing principal for Cushman & Wakefield, which has arranged 300,000 square feet of leasing in White Plains since the fourth quarter 2016.
Downtown White Plains has six million square feet of office space — for now. Developers plan to convert several obsolete commercial buildings into about 3,000 new apartments set to deliver over the next 24 to 26 months. Over the past six months, the central business district has seen a net removal of close to one million square feet of office space.
“The shift in fundamentals has caused a pronounced spike in asking rents and a reduction in landlord concessions,” said Fagan. As of the end of the first quarter 2017, overall average asking rents in the White Plains CBD are $34.10 per square foot, with Class A space averaging $35.81 per square foot.
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