Long Island Industrial Market Report
ISLAND CORPORATE SERVICES
The fourth quarter 2016 vacancy rate dropped slightly from the two previous quarters to 2.9%. Flex properties had a vacancy rate of 5.3% which is a significant increase from the 4.5% vacancy rate of the third quarter 2016. The warehouse vacancy rate decreased to 2.7% at the end of the third and fourth quarters in 2016, compared to 2.8% at the end of the second quarter 2016. Vacant industrial sublease space increased to 284,888 SF in the fourth quarter 2016 up from 170,760 SF in the third quarter 2016. Vacant sublease space for flex properties increased to 21,106 SF in the fourth quarter 2016 up from no vacant flex sublease space in the third quarter 2016. Vacant warehouse sublease space increased to 263,762 SF in the fourth quarter 2016 up from 170,760 SF in the third quarter 2016. Net absorption for the fourth quarter was negative, finishing at (57,653) square feet, a significant decrease from the 121,604 SF of net absorption reported in the third quarter 2016 . One building totaling 5,839 SF was completed in the fourth quarter 2016 with 378,261 SF still under construction. Looking at industrial building sales of 15,000 square feet or larger, Nassau and Suffolk County industrial sales figures decreased slightly during the third quarter 2016 in terms of dollar volume compared to the second quarter of 2016. In the third quarter 2016, 17 industrial transactions closed with a total volume of $61,183,000. The 17 buildings totaled 706,346 SF and the average price per square foot equated to $86.62 PSF, up from $83.30 PSF in the second quarter 2016.
Explore Long Island's largest searchable database of available office, industrial, retail, land and other commercial properties for sale and/or lease.
Search Property Central Now