The mayor’s veto puts the $4-billion project to be built at Bally’s Golf Links at Ferry Point in the Bronx back in the running among six other applicants for up to three downstate gaming licenses.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.83% from 6.84%.
Leasing activity surged this quarter to over 360,000 square feet, a 45% increase from the first quarter of this year, with renewals representing 57% of executed transactions.
NEW YORK—Westchester County's office market reached a turning point at mid-year 2025. The market recorded 103,000 square feet of positive net absorption during the second quarter the strongest quarterly total since 2021, according to a report released recently by brokerage firm JLL.
This performance, following several quarters of occupancy fluctuations, helped reduce total vacancy to 20.8%, a 10.3% decrease from the close of 2024, when total vacancy was 23.2%.
The report authored by Jared Gordon, Senior Analyst, Research for JLL, noted that leasing activity surged this quarter to over 360,000 square feet, a 45% increase from the first quarter of this year, with renewals representing 57% of executed transactions.
This pattern reflects occupiers’ cautious approach as they seek flexibility and focus on cost control, favoring existing built-out spaces amid macroeconomic volatility, the JLL report stated. Several major tenants—including M&T Bank, MassMutual, and Jackson Lewis—chose to maintain or moderately expand their footprint through renewals. Class A properties in the White Plains CBD continued to generate significant interest, as seen in PURE Insurance's relocation to 33,402 square feet of space at 1 N Lexington Ave.
JLL reported that there is no new construction of office space as property owners of outdated and underutilized office buildings continue to look to reposition those properties for other uses.
Owners of suburban assets outside the CBD are responding to shifting tenant requirements and long-term occupancy trends by pursuing adaptive reuse strategies, which is anticipated to reduce total inventory over time. Looking ahead, the market is expected to maintain its current trajectory with rents and concessions projected to remain stable. However, asking rents for premium spaces in White Plains will continue to see moderate upward adjustment, the report stated. Broader economic factors, including potential funding headwinds for non-profits and hospital systems, could influence occupier demand, particularly given recent leasing momentum from these sectors.
The mayor’s veto puts the $4-billion project to be built at Bally’s Golf Links at Ferry Point in the Bronx back in the running among six other applicants for up to three downstate gaming licenses.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.83% from 6.84%.
Cappelli estimated that with the NYPA project, the total Hamilton Green development cost will be approximately $900 million.
Pending sales in the Northeast increased incrementally even though home price growth in the region has been the strongest in the country.
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