The strength of a local economy can be judged by the performance in its commercial real estate market, and a new analysis by a leading researcher found some troubling trends in Westchester.
Erin Patterson, an analyst in Jones Lang LaSalle in Stamford, studied all the leasing activity for Westchester and Fairfield counties in 2012.
Less than a third of the leases in each county were renewals, Patterson concludes in her newest “Chart of the Week.” However, when she broke down the top ten leases for the competing counties, she found that Westchester was dominated by renewals – rather than new businesses coming to the area.
Patterson added that The Journal News (publisher of LoHud Real Estate) was one of Westchester’s three non-renewals that made it’s top 10 for the year. The media company’s lease was a relocation that occurred in September when it moved from Harrison to White Plains.