Page 52 - 2023 Westchester County Economic Development Guide

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WESTCHESTER COUNTY ECONOMIC DEVELOPMENT GUIDE
Cultivating and Advancing Talent
Real Estate
City Square, centrally located in White Plains’ thriving downtown.
William Cuddy, Executive Vice President, CBRE
Continued expansion and demand for medical related facilities.
Regeneron Expansion in Westchester County
e company is building out its South Campus along Route 100c and they have taken a significant block of space at 175 King Street at Armonk as a tenant of SwissRe, leasing 169,500 SF of office space there in addition to taking 39,075 SF at 3 Skyline Drive in Hawthorne.
NewYork-Presbyterian
At 1111-1129 Westchester Avenue in White Plains, NewYork-Presbyterian has acquired a 25-acre, two-building campus site to expand their operational footprint in Westchester with a 385,000 SF facility. CBRE represented NYPH in one of the largest transactions of the year.
A ‘Prime’ Example of Industrial Demand
Westchester is paddling with a bunch of different oars. Beyond the demand from healthcare and R&D, there’s an insatiable demand for industrial product. e new Amazon facility on route 9A in Hawthorne is a great example of this. e new construction, including parking, totals over 725,000 SF.
Continued Demand for Multi-Family Residential
ere’s nothing more exciting for real estate people than to see cranes in the air. New Rochelle, White Plains, Yonkers, Port Chester and Harrison show continued demand for multi-family residential. It’s unprecedented and incredibly exciting to witness.
A Strong, Diverse Market
Two top Westchester real estate executives share their insights on significant deals and the latest trends in the County’s dynamic real estate market.
Sarah Jones Maturo, President, RM Friedlander
A continued flight to quality in office space; the return of experiential retail
Factors to Watch
e interest rate environment will continue to have a negative effect on commercial and residential sales, until there is some sort of flattening. e valuation of office buildings has decreased significantly due to the staying power of the hybrid work model and continued uncertainty around what the future holds.
A Continued Flight to Quality
From a leasing perspective, there continues to be a flight to quality for office buildings. Employers are looking to exploit advantageous pricing of Class A assets in the hopes that a newer environment with more amenities will draw their employees back to work. B and C Class buildings will continue to empty out and be repurposed for other uses like multi-family.
Retail-Restaurant-Fitness
Boutique fitness users and discount retailers will continue in their reinvigorated market push for new locations. e restaurant business will continue to be a little challenging, due to inflation and food costs. Restaurant users will be looking for second generation space or landlords to pay for the cost of their buildout. Experiential retail users of all types will continue their climb back a™er COVID.
Industrial
Industrial market availability will persist in the mid-single digits. Further speculative buildings will be constructed and likely leased relatively quickly due to high demand.
“There’s nothing more exciting for real estate people than to see cranes in the air. New Rochelle, White Plains, Port Chester and Harrison show continued demand for multi-family residential. It’s unprecedented and incredibly exciting to witness.” —William Cuddy
© Courtesy of RM Friedland