The Westchester/Southern Connecticut Office market ended the second quarter 2012 with a vacancy rate of 12.4%.
The vacancy rate was up over the previous quarter, with net absorption totaling negative 136,036 square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 1,320,986 square feet.
Tenants moving into large blocks of space in 2012 include: Acorda Therapeutics, Inc. moving into 71,084 square feet at 410 Saw Mill River Rd; Acorda Therapeutics, Inc. moving into 58,145 square feet at 420 Saw Mill River Rd; and New York Life Insurance Company moving into 24,767 square feet at 777 Westchester Ave.
Rental rates ended the second quarter at $27.58, a decrease over the previous quarter.
A total of one building delivered to the market in the quarter totaling 140,000 square feet, with 398,908 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. national office vacancy rate, which decreased to 12.1% from the previous quarter, with net absorption positive 20.72 million square feet in the second quarter.
The information in this news report is based on CoStar’s Second Quarter 2012 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.