Healthcare sector leads Westchester office market

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Healthcare sector continued to lead Westchester’s commercial real estate market in the third quarter, as leasing activity by other sectors took a breather, according to the market snapshot issued by Colliers International. 

The market’s availability rate remained unchanged at 22 percent from the second quarter and had increased by 0.9 percentage points from a year ago. 

Seven out of the top 10 leases in the third quarter, totaling 663,142 square feet, were signed by medical tenants. Montefiore’s 281,497 square-foot renewal in Yonkers accounted for 42.4 percent of the total activity.  

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Healthcare sector has been transforming the area’s business corridors, as former business office space has been converted into medical-related use. 

Average asking rent for the third quarter took a small dip to $26.7 per square foot a year, or about 4.3 percent less than the second quarter when the figure was $27.9. The average rent for the third quarter last year was $27.51 per square foot a year. 

The availability rate for the northern Westchester market remained the highest in the county at 36.8 percent because of large office space vacated by IBM and PepsiCo in prior years. 

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Healthcare sector leads Westchester office market

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