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The Nokia construction sign outside 102 Corporate Park Drive, White Plains, which is being renovated for occupancy in 2006.
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Feature Story:
New Construction Hits $5 Billion
Since 1999, Westchester has chalked up more than 50 new construction projects valued at $5 billion. That translates to nearly 4 million square feet of retail, entertainment and hotel space. The amount of proposed new office space alone is over 1 million square feet -- a 3% increase in the total market. The total includes more than 10,000 condos, townhouses, lofts and rental apartments. Many of Westchester’s major cities have benefited from this boom. White Plains has seen over 2,600 housing units worth $2 billion since 1999 and New Rochelle has over 2,500 completed or planned housing units worth over $1 billion. Yonkers can point to over $2 billion in completed or planned projects. Also, nearly every Hudson River municipality from Yonkers north to Peekskill is sponsoring major riverfront revitalization projects. One example is the $1 billion Lighthouse Landing project in Sleepy Hollow, which will be built on the grounds of the old General Motors Factory.
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Economic Focus:
Indicators Show Strong Economy
Westchester County continues to come out ahead when it comes to economics. The office vacancy rate has fallen to 14% -- down from 18% in 1998. Downtown White Plains’ vacancy rate is at 15.2% -- down from 30% in 1998. The July 2005 unemployment rate is at 4.3%, well below the state and national averages. The regional inflation rate is 3.2%, down from 4.4% in July 2004. And last but not least, the June 2005 Westchester/Rockland hotel occupancy rate is 76%, making it the highest rate in New York except for New York City.
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Business Retention:
IBM Renews Large Lease at Mid-Westchester Office Park
IBM has renewed its lease for nearly 300,000 square feet of office/R&D space at its Thomas J. Watson Research Center on Skyline Drive in Mount Pleasant. This renewal represents 1% of Westchester’s total office market. IBM is Westchester’s top employer with more than 8,600 employees, as well as its largest office space user. The company occupies more than 3 million square feet with its Armonk world headquarters, Yorktown research labs, Somers computer services and the IBM corporate hangar at the Westchester County Airport. |
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Education:
Six Westchester High Schools Ranked in “Best 100”
Six Westchester high schools have been ranked in the Best 100 by Newsweek magazine. That was out of 40 high schools in Westchester and more than 27,000 nationally. Six Westchester schools were also included in last year’s survey. The schools are rated by the ratio of total graduating seniors and total students taking Advanced Placement (AP) exams or International Baccalaureate exams (IB). The schools ranked this year are Dobbs Ferry, Rye Neck, Briarcliff, Bronxville, Edgemont and Chappaqua. Over 85% of all Westchester high school graduates attend college and the high school drop rate in Westchester is 1.5%, one of the lowest rates in New York State. |
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Resources for Business:
Westchester Child Care Council Works to Help Businesses
Since 1968 the Westchester Child Care Council (WCCC) has been helping employers and parents find solutions for their child care needs. WCCC can provide a needs assessment based on a survey of employees, as well as informational seminars on the latest resources. Businesses or office landlords can also obtain skilled advice on building and operating a child care facility. For additional information visit www.childcarewestchester.org or email childcare@cccwny.org or telephone at (914) 761-3456.
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