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CBRE tells Westfield council recent apartment deliveries created a temporary vacancy dip; mixed‑use lease rates remain strong
Summary
CBRE presented lease‑up data showing new deliveries concentrated near 195th Street caused temporary vacancy, older properties remain in the low‑90s occupancy, and mixed‑use projects show strong residential and commercial leasing; council asked staff for updated unit counts and comparisons to neighboring cities.
Consultants from CBRE briefed the City Council on multifamily occupancy and mixed‑use performance, saying recent large deliveries in one submarket created a short‑term vacancy dip but that most older properties maintain occupancy in the low‑90s.
George Tickajohn of CBRE told councilors that about 750–1,000 units delivered around 195th Street and several new properties opened at roughly the same time, which depressed occupancy in that micro‑area during lease‑up. He emphasized lease‑up is cyclical and typically…
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