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.
The One Big Beautiful Bill Act includes multiple NAR-championed provisions designed to support homeownership, drive investment in housing supply, and strengthen the real estate economy.
Real estate does not thrive in uncertainty. It thrives in predictability. Buyers want to know what the future holds for taxes, schools, infrastructure, interest rates and public safety.
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JLL reported that there is no new construction of office space as property owners of outdated and underutilized office buildings continue to look to reposition those properties for other uses.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 One Big Beautiful Bill Act includes multiple NAR-championed provisions designed to support homeownership, drive investment in housing supply, and strengthen the real estate economy.
The report noted that in Westchester County, the luxury segment remains particularly strong, with significant buyer activity in the $2-million-and-above category.
Legislative decisions at every level of government impact how we do business, safeguard private property rights, and help our clients achieve the dream of homeownership.
While many potential buyers believe they need a down payment of 20% for their first home purchase, the typical down payment for first-time buyers has ranged from 6% to 9%, dating back to 2018.
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