White Plains

Office leasing (Q4 2025): Boies Schiller Flexner LLP signed a 12,466 SF new lease at 1 N. Lexington Ave in White Plains (White Plains CBD) (Cushman & Wakefield MarketBeat Westchester County Office Q4 2025, Lincoln Property Company Westchester Office Market Report Q4 2025). Office leasing (Q4 2025): Yale New Haven Health signed an 11,001 SF new lease at 120 Bloomingdale Rd in White Plains (White Plains CBD) (Cushman & Wakefield MarketBeat Westchester County Office Q4 2025, Lincoln Property Company Westchester Office Market Report Q4 2025). Industrial transactions (Q4 2025): 211 Saw Mill River Rd, Hawthorne sold for $25.0M (~$309/PSF) and 75 Tuckahoe Rd, Yonkers sold for $8.75M (~$201/PSF) in the Westchester industrial market context (Lincoln Property Company Westchester Industrial Market Report Q4 2025). Retail leasing (Q3 2025): 51,000 SF lease to Fun City at 500 East Sandford Blvd, Mount Vernon and 20,000 SF trampoline-park lease at 80-110 Nardozzi Place, New Rochelle reflect entertainment/experiential demand across the county’s retail nodes (competitive tenant mix for White Plains retail corridors) (Business Council of Westchester - Westchester Retail Leasing Q3 2025). Development/occupier momentum (2026): downtown residential-led repositioning cited with AVE Hamilton Green lease-up and new corporate presence (e.g., Heineken International U.S. HQ; mentions of Hudson Advisors and Deutsche Bank additions) (Forbes - White Plains redevelopment).

Office structural demand shift/hybrid work keeps vacancy elevated (~25% in White Plains CBD), increasing refinancing and obsolescence risk for older product (Cushman & Wakefield MarketBeat Westchester County Office Q4 2025). Retail risk is bifurcated: experiential and mixed-use nodes are active, but availability in Greater White Plains is highest in the county at 9.09%, indicating leasing competition and sensitivity to tenant right-sizing (Business Council of Westchester - Westchester Retail Leasing Q3 2025). Industrial availability is relatively low overall (6.09%) but higher in certain pockets (e.g., 9.60% in Southeast submarket; 8.40% in White Plains CBD industrial submarket definition), suggesting localized vacancy risk (Lincoln Property Company Westchester Industrial Market Report Q4 2025). Execution risk in downtown depends on successful absorption of new residential supply and maintaining retail vibrancy; the market narrative is positive but concentrated in newer luxury product (Forbes - White Plains redevelopment).

Base case (next 12-24 months): office fundamentals should gradually stabilize as Westchester’s office market saw vacancy decline year-over-year to 24.4% and ended 2025 with strengthened fundamentals, while the pipeline shows 0 SF under construction, limiting supply pressure into 2026 (Cushman & Wakefield MarketBeat Westchester County Office Q4 2025). White Plains CBD should remain the county’s leasing anchor (334,650 SF of 2025 leasing activity), with demand led by higher-quality, well-located space and health/government-related tenants; however, vacancy near 25% implies ongoing need for conversion/asset repositioning and tenant incentives (Cushman & Wakefield MarketBeat Westchester County Office Q4 2025). Industrial should stay comparatively healthy given mid-single-digit overall availability (6.09%), though performance will vary by submarket and small-bay user demand; modest transaction evidence in Q4 2025 suggests liquidity exists for well-located assets (Lincoln Property Company Westchester Industrial Market Report Q4 2025). Retail outlook is supported by mixed-use deliveries and experiential concepts, but Greater White Plains’ higher availability suggests continued tenant churn and the need for active merchandising and placemaking (Business Council of Westchester - Westchester Retail Leasing Q3 2025, Forbes - White Plains redevelopment).