Long Island Commercial Property News and Press Releases

Long Island Office and Industrial Market Report for the 2nd Quarter of 2015 just released by Coldwell Banker Commercial Island Corporate Services

Sep 08 2015

Industrial: Second Quarter 2015 vacancy rates came in at 4.4%, which is a slight decrease from the previous quarters. Flex projects had a vacancy rate of 7.3% which is a decrease from the 7.6% vacancy rate of the first quarter. The warehouse vacancy rate dropped to 4.0% at the end of the second quarter, with vacant sublease space decreasing to 220,430 SF from 221,340 SF. Vacant sublease space for flex projects was 34,890 square feet, up from 10,700 SF in the last three quarters, while vacant sublease space for warehouse projects decreased from 210,640 square feet to 185,540. Overall, rates for industrial space were down in the 2nd quarter. Rental rates increased for warehouse space and decreased for flex space. Net absorption for the first quarter was positive, finishing at 238,920 square feet. Two new buildings, totaling 52,000 square feet, were completed in the second quarter, up from zero in the first quarter. When looking at sales of buildings that are 15,000 SF or larger, sales fell in the first quarter. There were 16 transactions that closed in the first quarter, consisting of 901,767 square feet SF and a sales volume of $61,288,250. This breaks down to $67.96 per square foot, which is a decrease from the $96.40 per square foot recorded in the fourth quarter. Read More......

Office Second Quarter 2015 vacancy rate decreased from 9.6% in the previous quarter to 9.3%. Average rental rates have decreased in both Nassau and Suffolk counties, but there was an increase in Class A rental rates. The average quoted rental rate was $25.14 per square foot. The average quoted rate for Class A was $30.92 compared to $30.84 in the first quarter. The average quoted rate for Class B was $23.29 compared to $23.62 in the first quarter. The average quoted rate for Class C was $21.14 compared to $21.15 in the first quarter. Net absorption was 254,455, up considerably from negative (10,730) in the first quarter. Net absorption for Class A was 151,930, for Class B was 87,081 and for Class C was 15,444. There were two buildings delivered in the second quarter, totaling 20,000 square feet. There was 14,741 square feet of space still under construction at the end of the second quarter. When looking at office building sales of 15,000 square feet or larger, sales fell in the first quarter. There were nine transactions with a total volume of $90,625,753. The nine buildings consisted of 496,341 square feet, making the average price per square foot $182.59. Read more.... 

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