There have been only two small qualifying single property office investment sales in Westchester in 2012, both of which took place in the second quarter.* The dollar value of the sales was just $4.2 million, with a mean price of $107 psf and a mean cap rate of 8.1%. The rolling 12 month cap rate, based on six small sales was 8.7%, slightly lower than recent readings. This is not a large market, and one with many owner-occupied buildings, so sales activity may be expected to be somewhat limited. But the 281,920 square feet sold over the past four quarters is less than 1.0% of the inventory, implying a 110 year average holding period.