Howard Greenberg of Howard Properties opened the panel with his assessment of the market. He said many of the commercial building owners he spoke with reported a good leasing year in 2013 and he noted that medical operations continue to be the growth engine for commercial space.
Here’s part of Greenberg’s summary:
“Some longtime trends continue. We continue to see only a trickle of new tenants coming into Westchester from other areas. Large companies continue to downsize their headcounts and square-footage per person. Some smaller privately held companies are expanding, and even though Westchester is only 38 minutes from Manhattan by train, we still are not attracting statistically significant relocation from the Big Apple. Repurposing of buildings and land is continuing. I think it’s actually accelerating. This trend toward recycling underutilized buildings and rezoning land to permit more popular uses is our best hope for rebalancing the market. The ultimate goal in the market really is what we call equilibrium, where supply and demand are roughly equal, and for way too long our supply has far outstripped our demand.”