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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 takes several years, and that many projects now leasing are trending higher after early concessions.
CBRE said mixed‑use developments often achieve high residential occupancy and surprisingly strong commercial leasing (commercial leasing in mixed‑use projects was described as “pretty darn close to 90%” by the presenter). The consultants recommended targeting mixed‑use development in walkable pockets — downtown, Grand Park and Lantern Commons were cited — where amenities and walkability support both residential and commercial demand.
Council members asked for specific counts to respond to residents’ concerns about over‑building. A staff summary from an earlier presentation (Sept. 9) was cited: as of 2024 the city had about 4,445 existing units, 602 units not yet 100% built but existing, 1,410 completing construction and 2,681 approved but not started. CBRE agreed to email the council an updated comparative summary (total rental units vs. total housing units) and staff said they will add a category for approved‑but‑not‑started in future updates.
Councilors and staff also discussed developer behavior, including instances where planned for‑sale housing was converted to rentals; staff said the city is focusing on partnering with long‑term holders and targeting incentives to downtown mixed‑use product rather than garden‑style projects that may oversupply the market.
Next steps: CBRE and city staff will provide updated unit counts and a comparative report to sister cities; council asked that the occupancy and pipeline data be updated annually.
