The future looks bright, with biotech, medtech, healthcare, and tech “THE economic engine in Westchester County,” panelists say at BLUEPRINT “State of the Market” event
Commercial real estate experts are bullish on Westchester. At a WCA Economic Development Task Force meeting, Howard Greenberg, Howard Properties; Glenn Walsh, Newmark Grubb Knight Frank; Bill Cuddy, CBRE; and Al Mirin, Cushman & Wakefield, cited recent deals and the expansion, renovation, and repurposing of 550,000 square feet of office space as a bellwether of the county’s ability to attract and retain business...
Al Mirin, Cushman & Wakefield; Glenn Walsh, Newmark Grubb Knight Frank
The fastest-growing segment is in the medical, technology, and life sciences industries. “Westchester is well-positioned because we are well-prices, developers are willing to provide turnkey installations, and various healthcare sectors are consolidating,” said Walsh. Of course, demographics and lifestyle are also big factors.
“We are repurposing, rezoning and recycling for popular uses, which ultimately will lead to more jobs and more occupied space,” said Howard Greenberg, Howard Properties. “We didn’t move the needle on office space in 2013, but over half a million feet of commercial inventory stayed off the market and millions are being spent on renovation work,” Greenberg pointed out.
White Plains, Harrison, and additional communities are re-thinking some of the corporate office parks along the I-287 corridor and are promoting mixed-used development there—including better housing for young professionals, after-work recreation and entertainment, educational facilities, and one-stop-shopping medical centers for Westchester’s aging population, according to the panelists.
The panelists cited many recent deals as examples, including Montefiore Medical Center’s purchase of the former Kraft Foods site in Tarrytown, New York Medical College’s acquisition of 19 Skyline Drive, (formerly occupied by IBM), and WESTMED’s built-to-suit facility in Purchase. Future developments in the works include the repurposing of office space in downtown White Plains for multifamily residential space.
“The inventory is changing in exciting ways,” noted Marissa Brett, WCA’s economic development director. “The real estate experts have a lot of optimism and so do we. We’ll continue our efforts through the BLUEPRINT for Westchester to brand the county as a place where business can create environments for people can Live.Work.Play!