房地产 -2025年第四季度威彻斯特县办公室数据 Westchester County Office Figures Q4 2025

CBRE

FIGURES|WESTCHESTERCOUNTY|Q42025

Annualabsorptionreachedhighestmark

since2018

19.7%

AvailabilityRate

34,981

SFNetAbsorption

144,529

SFLeasingActivity

Note:Arrowsindicatechangefrompreviousquarter.

QUICKFACTS

-Quarterlyleasingactivitytotaled145,000sq.ft.,down43%fromthepreviousquarteranddown33%fromthefive-yearquarterlyaverage.

-Annualleasingactivitytotaled862,000sq.ft.,up9%year-over-year.

-Theavailabilityratefell20bps(basispoints)quarter-over-quarterto19.7%andwasdown

190bpsfromyearend2024.

-Quarterlynetabsorptionwaspositive35,000sq.ft.,whichbroughtyear-to-dateabsorptiontopositive627,000sq.ft.

-Theaverageaskingrentwas$30.09persq.ft.,virtuallyunchangedquarter-over-quarterandup1%fromayearago.

$30.09

PSFAverageAskingRent

MarketOverview

Westchester’sofficemarketclosed2025withmixedmomentum.Annualleasingtallied862,000sq.ft.outpacing2024by9%.DespitetheannualimprovementQ4’sbelowaveragetotal

highlightstheuncertaintyarounddemand.LikemostmarketsintheUnitedStates,tenants’

preferenceforqualitywasapparentthroughouttheyearasClassAleasingaccountedformorethan77%ofallactivityin2025.Althoughthetopendofthemarketdemonstratedstrong

performance,certainsegmentsoftheinventorycontinuetoseeslowerleasingvelocity.

Theremovalofobsoletespaceisstillatrendthatiscontributingtoreductionsintheavailabilityrate.Westchester’savailabilityratefell190bpsannuallyto19.7%—partiallydrivenbythe

removalofofficebuildingsslatedforconversionanddemolition.Averageaskingrentstoodat$30.09persq.ft.—1%lowerthan2024aspremium-pricedspaceintheCBDwasleased.

WhitePlainsCBDledWestchesterCountyinleasingforthesecondstraightyearcapturing39%ofallnewactivityandsecuring6newleaseagreementsabove20,000sq.ft.

1CBRERESEARCH©2026CBRE,INC.

FIGURES|WESTCHESTERCOUNTYOFFICE|Q42025

2CBRERESEARCH©2026CBRE,INC.

FIGURE1:HistoricalLeasingActivity

EconomicConditions

CBREhasTheU.S.economyissendingsomemixedsignals.Financial

marketsarefocusedontheupside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchas

capitalgoodsorders,areimproving,andstrengtheningcreditmarketsarehelpingtousherrealestateintoanewcycle.Conversely,consumer

confidenceremainsweak,withspendingreportedlydrivenbyasmaller

segmentofaffluenthouseholds.AnnualaverageGDPgrowthwillbesteadyin2026,at2%.Akeycatalystisasofterlabormarket,ascompaniesare

‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.

TotalemploymentinWestchesterCountyroseby13,800positionsquarter-over-quarterinQ4(+3.1%).Year-over-year,employmentinWestchesterisupby1,000positions(+0.2%).Office-usingemployers(OUE)accountedforagainof1,400positionsinQ4(+1.4%).Professionalandbusinessservicesgrewheadcountby900positions(+1.4%),financialactivitiesgained500

roles(+1.7%),andinformationwasflat(0.0%).Westchester’soverallOUEstandsat102.4%ofthe2019level.

NewYork’soverallunemploymentrateis4.5%andthenationalunemploymentrateis4.6%.

LeasingActivity

WestchesterCountysaw145,000sq.ft.ofleasingactivityinQ4—the

lowestfigureseensinceQ12022.Countywideleasingwasdown43%fromthepriorquarterand33%belowthefive-yearquarterlyaverage.Overallannualleasingdidseeaslightuptickinactivity,9%aheadof2024figures.

High-qualityspaceremainedpopular,with77%of2025activitytaking

placeinClassAassets.Primeassets,whicharethebestoftheClassAsetareperformingparticularlystrong.Thissegmentofthemarketcaptured27%ofannualleasing,despiteaccountingforonly11%ofinventory.

SFinMillions

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

Q4

Q3

■Q2

Q1

20152016201720182019202020212022202320242025Source:CBREResearch,Q42025.

FIGURE2:TopTransactions|Q42025.

Size

(Sq.Ft.)

Deal

Type

Direct/

Sublet

Tenant

Address

Submarket

30,770

L

D

RectangleHealth

1133WestchesterAvenue

WestchesterEast

26,219

L

D

UltraFabrics

560WhitePlainsRoad

WestchesterWest

14,293

R

D

JudicialTitleInsuranceAgency

800WestchesterAvenue

WestchesterEast

12,466

L

D

Boies,Schiller&Flexner

1NorthLexingtonAvenue

WestchesterCBD

11,333

L

D

HDR,Inc.

2ManhattanvilleRoad

WestchesterEast

Source:CBREResearch,Q42025..Lease(L),Renewal(R),Expansion(E),RenewalandExpansion(RE),Direct(D),Sublet(S)..

FIGURES|WESTCHESTERCOUNTYOFFICE|Q42025

3CBRERESEARCH©2026CBRE,INC.

Threeindustriesmadeup52%of2025’sleasingactivity:Insurancefirmsmadeup22%,theHealthCaresectornotched16%,andtheFinancialServicescaptured14%.

WhitePlainsCBDledallWestchestersubmarketsinleasingactivityforthesecondconsecutiveyear,contributing39%of2025’stotalleasingvolume.Thesubmarketrecorded27,000sq.ft.ofnewactivityinQ4,bringingitsfull-yeartotalto338,000sq.ft.Annualleasingrose12%fromtheprioryear,astheCBDsawaninfluxoftenantsrelocatingfromtheNorthernpartofthecounty.Notablerelocationsthroughouttheyearincluded:Boies,Schiller&Flexnerrelocationto1NorthLexingtonAvenue,Traub,LiebermanandStrausrelocationto445HamiltonAvenueandRWE’srelocationto50MainStreet.WhitePlainsCBDalsoposted121,000sq.ft.ofrenewals,(Not

includedinleasingactivity)includingWestchesterCounty’slargestdealof2025—Heineken’s51,000sq.ft.renewalat360HamiltonAvenue.

WestchesterEastsaw66,000sq.ft.ofnewactivityinQ4,down11%fromthepriorquarterand17%behindthefive-yearquarterlyaverage.RectangleHealth’srelocationfrom115EastStevensAvenueto1133WestchesterAvenuecontributed47%ofthequarterlytotal.Full-yearleasing

totalsforWestchesterEastfinishedat256,000sq.ft.,onparwith2024andadded177,000sq.ft.ofrenewals.Thatfiguremadeup34%ofWestchester’srenewalactivityfor2025,which

includedthelargestrenewalinQ4,JudicialTitleInsurance’s14,000sq.ft.extensionat800WestchesterAvenueinRyeBrook.

WestchesterWest‘sleasingtotalinQ4notched31,000sq.ft.,bringingannualactivityto

135,000sq.ft.—inlinewith2024.Thesubmarketsecuredthesecond-largestdealofQ4withUltraFabrics’26,000-sq.ft.leaseat560WhitePlainsRoad.Annualrenewalactivitywasalsostrong,totaling170,000sq.ft.whichaccountedfor25%ofallrenewalscountywide.

WestchesterSouth’s13,000sq.ft.ofleasingactivityinQ4,broughtannualleasingfiguresto

55,00sq.ft.—thesubmarket’sstrongestannualperformancesince2022.Yonkersremainedtheprimarydriverofdemand,contributing58%ofnewactivityin2025,supportedbyincreased

interestintheofficeparksatExecutiveBoulevardandExecutivePlaza.

FIGURE3:QuarterlyLeasingActivitybySubmarket

SFinMillions

0.09

0.08

0.07

0.06

0.05

0.04

0.03

0.02

0.01

0.00

EastWhitePlainsCBDNorthWestSouth

5YQuarterlyAvg.Q42025

Source:CBREResearch,Q42025.

FIGURE4:AvailabilityRate|Directvs.SubleaseBreakdown

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

Millions

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

4Q2025

3Q2025

2Q2025

1Q2025

4Q2024

3Q2024

2Q2024

1Q2024

4Q2023

3Q2023

2Q2023

1Q2023

4Q2022

3Q2022

2Q2022

1Q2022

4Q2021

3Q2021

2Q2021

1Q2021

4Q2020

3Q2020

2Q2020

1Q2020

4Q2019

3Q2019

2Q2019

1Q2019

4Q2018

SubleaseSpacemmDirectSpaceOverallAvailbilityRate

Source:CBREResearch,Q42025.

FIGURES|WESTCHESTERCOUNTYOFFICE|Q42025

4CBRERESEARCH©2026CBRE,INC.

NetAbsorptionandAvailability

WestchesterCounty’savailabilityfell20bpsquarter-over-quarterand190bpsyear-over-yearto19.7%asleasingoutpacednewspaceadditions.AbsorptionwaspositiveforthefifthstraightquarterinWestchester,amountingto35,000sq.ft.,andbroughtthefull-yeartotalto627,000sq.ft.—thehighestannualtotalsince2018.

WestchesterNorthfinished2025withanavailabilityrateof14.3%—thelowestlevel

since2014.ThemajorityofWestchesterCounty’spositiveannualabsorptionoriginatedintheNorthernsuburbs,wheretwomajormidyearwithdrawalssharplyreduced

availability.At113KingStreet,thefullyvacant287,000sq.ft.headquarters,which

formallyhousedMBIA,wasapprovedforconversionintoa55unitseniorhousing

development.Additionally,555PleasantvilleRoadNorthwasdemolished,eliminatinganother50,000sq.ft.tomakewayforanewselfstoragefacility.Together,these

withdrawalsaccountedformostofthe433,000sq.ft.ofpositiveabsorptionrecordedwithinthesubmarket—whichrepresented67%ofthecounty’sannualtotal.

WestchesterWestnotched23,000sq.ft.ofpositiveabsorptioninQ4,bringing2025figurestopositive157,000sq.ft.Correspondingly,availabilityfell240basispoints

year-over-yearto23.5%—thelowestmarkseensinceQ12020.Strongleasingandonlyfoursizeablespaceadditionsabove10,000sq.ft.keptconditionstightintheWest.

MinimalleasingactivityinWhitePlainsCBDledto44,000sq.ft.ofnegativeabsorptioninQ4.DespiteQ4’sadditionstosupply,annualabsorptionwaspositiveat95,000sq.ft.droppingtheavailabilityrateby70bpsannuallyto21.8%.

WestchesterEastcontinuedtofaceheadwindsinQ4,markingitsthirdstraightyearofnegativeabsorptionandendingtheyearatnegative50,000sq.ft.Availabilityclimbed60bpsannuallyto23.1%.WestchesterEastsawfourofthecounty’stenlargestnew

vacanciesaddedthroughoutthecalendaryear.ThemostnotablewerethenewspacesfromtheCentreatPurchase,whichbrought94,000sq.ft.ofClassAspacetomarketascompaniesrelocatedtoWhitePlains,trimmedtheirfootprints,orexitedofficeuseentirely.

FIGURE5:NetAbsorption|Historical

SFinMillions

2.00

1.50

1.00

0.50

0.00

(0.50)

(1.00)

(1.50)

(2.00)

20152016201720182019202020212022202320242025

YTDNetAbsorptionAvailabilityRate

Source:CBREResearch,Q42025.

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

FIGURES|WESTCHESTERCOUNTYOFFICE|Q42025

5CBRERESEARCH©2026CBRE,INC.

AverageAskingRent

AverageaskingrentinWestchesterCountyheldsteady

quarter-over-quarterat$30.09persq.ft.butdeclined1%year-over-year,drivenlargelybyleasingofpremium-pricedspaceinWhitePlainsCBD.

AverageaskingrentinWhitePlainsCBDdeclined2%quarter-over-

quarterand1%year-over-yearto$35.71persq.ft.,reflectingtheremovalofhigher-pricedClassAspaceandtheadditionofbelow-marketlistingsat3BarkerAvenueand222BloomingdaleRoad.

WestchesterSouthsawa2%increaseinrentyear-over-yearto$27.31persq.ft.Theincreasestemsfromnewsubleasespacespricedatabove

averageratesalongHuguenotStreetandNorthAvenueinNewRochelle.Theseofficesarebeginningtocommandhigherrentsduetotheinfluxofdevelopmentofmulti-familyproperties,growinganewworkforcefor

downtown.

FIGURE7:AverageAskingRent|QuarterlyHistorical

$36

$34

PerSq.Ft.

$32

$30

$28

$26

$24

$22

$20

PerSq.Ft.

$40

$35

$30

$25

$20

$15

$10

$5

$0

CBD

soui

Q42024

Q42025

WestchesterCounty

FIGURE6:AverageAskingRent|BySubmarket

2025.

Source:CBREResearch,Q4

WestchesterCountyAvg.AskingRent

Source:CBREResearch,Q42025

FIGURES|WESTCHESTERCOUNTYOFFICE|Q42025

6CBRERESEARCH©2026CBRE,INC.

FIGURE8:Q42025|MarketStatistics

Submarket

MarketRentableArea

(MSF)

TotalAvailable

(MSF)

AvailabilityRate

(%)

VacancyRate

(%)

NetAbsorption

(SF)

LeasingActivity

(SF)

AverageAskingRent

($/SF/Year)

WestchesterNorth

6.67

0.95

14.3%

13.2%

32,191

6,230

$25.94

WestchesterCBD

5.04

1.10

21.8%

20.4%

(44,162)

27,433

$35.71

WestchesterWest

3.02

0.71

23.5%

22.5%

23,110

31,509

$28.37

WestchesterEast

9.08

2.09

23.1%

22.7%

6,290

65,991

$29.89

WestchesterSouth

2.17

0.27

12.4%

10.9%

17,552

13,366

$27.31

WESTCHESTER

COUNTY

25.98

5.12

19.7%

18.8%

34,981

144,529

$30.09

Source:CBREResearch,Q42025.

FIGURES|WESTCHESTERCOUNTYOFFICE|Q42025

MarketAreaOverview

Definitions

Availability:Spacethatisbeingactivelymarketedandisavailablefortenantbuild-outwithin12months.Includesspaceavailableforsubleaseaswellasspaceinbuildingsunderconstruction.

AskingRent:Weightedaverageaskingrent.

LeasingActivity:Totalamountofsq.ft.leasedwithinaspecifiedperiodoftime,includingnewdeals,expansions,andpre-leasing,butexcludingrenewals.

LeasingVelocity:Totalamountofsq.ft.leasedwithinaspecifiedperiodoftime,includingnewdeals,expansions,andpre-leasingandrenewals.

NetAbsorption:Thechangeintheamountofcommittedsq.ft.withinaspecifiedperiodoftime,asmeasuredbythechangeinavailablesq.ft.

Vacancy:Unoccupiedspaceavailableforlease.

SurveyCriteria

CBRE’smarketreportanalyzesWestchesterCounty’sfullymodernizedofficebuildingsthattotal20,000SForlarger,ClassAandBonly,multi-storied,conventionallymodernized,andnotownedandoccupiedbya

governmentormedicalinstitution.Newconstructionmustbeavailablefortenantbuild-outwithin12months.CBREassemblesallinformationthroughtelephonecanvassingandlistingsreceived