Category Archives: Real Estate Market Reports – Long Island

Real Estate Market Report – Quarter 4 2014

Of the roughly 65 million square feet of office space comprised of 905 office buildings, approximately 14.90% is available which is a slight increase from the previous quarter. Asking rental rates have decreased to an average of $24.21 over all office classes. The vacancy rate for the 163 million square feet of industrial space has decreased to 8.4%. Industrial rental rates currently average approximately $9.34/per square foot net which was $.20 higher than the previous quarter. Big Deals: Ruby Has, an e-commerce warehousing and fulfillment center, has signed a 10-year lease for 75,000SF of industrial space in Bayshore. North Shore-LIJ Health System has leased a 252,000SF office building in Manhasset. Steel Equities is redeveloping a 387,000SF building it purchased from Forest Labs.  Continue reading Real Estate Market Report – Quarter 4 2014

2014 Third Quarter Market Report

Overview

The Long Island Commercial Real Estate market, one of the largest and most important in the country, is comprised of 65 Million Square feet of office space and almost 163 million square feet of industrial and flex space. Including some significant positive gains, Long Island’s economy has begun to decrease its unemployment rate alongside the big picture of the Nation’s. The biggest news of the quarter was that 2 large companies decided to relocate all of their jobs from Long Island. The new owner of drug maker Forest Laboratories plans to move most of its Long Island operations to New Jersey, leading to the loss of hundreds of jobs, and the sale of several of their buildings. Also, the new owner of Medical Action Industries decided to relocate its 51 employees to their North Carolina Headquarters. Continue reading 2014 Third Quarter Market Report