In this brief overview of the Fairfield and Westchester County retail real estate markets, CoStar data indicates a slight softening in Westchester, as total availability ticked up and asking rents moved down over the past year. In contrast, Fairfield saw some strengthening, with availability declining and average asking rents rising. .
Westchester County | Retail Real Estate
- Availability. Westchester County’s retail market saw an uptick in total availability since 4Q16, increasing 0.5% to 7.1% as of November 2017.
- Vacancy. Approximately 4.2% is currently vacant, while the remaining 2.9% is occupied but available for lease. Westchester County’s vacancy rate has held steady since 4Q16.
- Quoted Rents. Quoted asking triple net rents in the County softened over the last year by about 3%, or a bit less than $1 PSF, to an average of roughly $27 PSF.
In the chart below, we show changes in total availability for retail buildings in each submarket between 4Q16 and November 2017, as well as November 2017 asking triple net rents for each submarket. The total availability figures includes both vacant space and occupied space that is available for lease:
- Westchester County Submarkets Defined. Fairfield County’s submarkets are straightforward – they are simply divided by town. Westchester County’s submarkets are divided less intuitively, however, because of the County’s complicated municipal structure. CoStar, for instance, divides Westchester County into the following eight retail submarkets:
(from North to South)
Mount Kisco, Bedford, Pound Ridge, North Salem, Somers, Pound Ridge,
p/o North Castle, p/o New Castle, p/o Yorktown
Cortlandt, p/o Yorktown, Briarcliff Manor, Croton, Ossining, Pleasantville, Peekskill
p/o North Castle, p/o New Castle
At less than 300,000 sq. ft., Northeast is by far the smallest of Westchester submarkets.
West I-287 Corridor
Mount Pleasant, Sleepy Hollow, Elmsford, Greenburgh, Tarrytown, Irvington, Hawthorne
East I-287 Corridor
non-CBD White Plains, Harrison, Rye, Rye Brook, Portchester
White Plains CBD
uh…White Plains CBD
The White Plains CBD submarket is bordered by the Bronx River Parkway to the west,
Bloomingdale Road to the east, I-287 to the north and Soundview and Bryant Avenues to the south.
The CBD contains three major retail arteries: (i) the Main Street / Westchester Avenue / Bloomingdale Road corridor,
(ii) Mamaroneck Avenue and (iii) Post Road.
Dobbs Ferry, Ardsley, Hastings, Yonkers
Scarsdale, New Rochelle, Mamaroneck, Rye, Mount Vernon, Pelham, Tuckahoe, Bronxville
Fairfield County | Retail Real Estate
- Availability. Fairfield County’s retail market saw a minor decline in total availability since 4Q16, decreasing 0.1% to 6.3% as of November 2017.
- Vacancy. Approximately 3.7% is currently vacant, compared to 4.0% a year ago, while the remaining 2.6% is occupied but available for lease.
- Quoted Rents. Quoted asking triple net rents in the County increased by about $1.30 PSF to an average of roughly $32 PSF.
The chart below shows changes in total availability for retail buildings in select Fairfield County submarkets between 4Q16 and November 2017, as well as November 2017 asking triple net rents for each submarket. The total availability figures includes both vacant space and occupied space that is available for lease:
Westport, which had the new Bedford Square (BSQ) mixed-use development come on line in 2016, is still in the process of absorbing the 72,000 square feet of additional retail space that BSQ added to the market. However, Westport’s availability has already shown improvement, declining by 3% since the end of 2016.
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Available Retail Properties
Admiral Real Estate Services Corp. is a commercial real estate brokerage firm offering investment sales, agency leasing and site selection services. Based in Westchester, the company currently lists and/or manages over 100 retail, office and development properties in the New York metropolitan area.
.Tags: retail real estate, Westchester County retail real estate, Fairfield County retail real estate, New York ICSC Deal Making, retail leasing, retail vacancy, retail rents, site selection, tenant representation