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
1. Companies as small as 25 employees benefit from economic development incentives.
2. Not all Real Estate Tax breaks are applicable to your business.
3. Start the process 18-24 months out.
For more ways to Reduce Your Real Estate Costs please visit our website, http://reduceyourrealestatecost.com or call Jonathan Rudes, 631.424.4888 x.305.