News:
Brokerage
Posted: January 30, 2024
BOMA Westchester holds annual state of
the market luncheon
BOMA president Stephanie Manfredi of Colliers; Mark Stagg of Stagg Group; and Ian Ceppos of JLL.
White Plains, NY More than 100 commercial property owners and brokers were on hand for the annual state of the market luncheon presented by the Building Owners and Managers Association of Westchester (BOMA). The event was held January 10th at 360 Hamilton Auditorium.
The panelists included Ian Ceppos of JLL, Kevin Plunkett of Simone Development, Mark Stagg of the Stagg Group, and Kevin McCarthy of Cushman & Wakefield. The panelists were generally upbeat about the outlook for the industrial, healthcare and residential markets. Not so for the office market.
McCarthy said about 26% of 23 million s/f of office space in Westchester is vacant, and vacancies are likely to continue. “We’re in a crisis,” he said adding, “In Westchester County, we got quality infrastructure, healthcare, industrial properties. But we do not have quality offices.”
Plunkett said some major hospitals in New York City are expanding to Westchester and looking for new facilities. “There’s a lot of exciting things going on in healthcare. We think it’s going to continue,” Plunkett said. “We’re very positive about being able to expand the Westchester community even more with the hospital systems.”
Ceppos said industrial properties have been in high demand amid the e-commerce boom. He said in Westchester they are mostly warehouses and distribution centers, compared to the manufacturing facilities of the past. While demand for industrial space remains high, availability is limited. He noted that it’s too expensive to build new industrial spaces in Westchester. He said more industrial space is being built in Putnam and Orange counties.
Construction of new apartment buildings continued to boom in 2023. Hundreds of residential buildings continue to be built in Westchester’s major cities, creating tens of thousands of apartment units. Stagg said a big concern in the multi-family sector is whether the market can absorb so many units. He said we need to build more affordable housing and smaller projects. “I think developers will be very selective in 2024,” Stagg said.
The panel discussion was moderated by Betsy Buckley of JLL.
Tags:
Brokerage
MORE FROM Brokerage
Investment Property Realty Group closes $2.175 million sale of 247 Leonard St.
Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 247 Leonard St., a multi-family building located in the Williamsburg section of the city, for $2.175
Quick Hits
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
.gif)
August Promotion
