Long Island Commercial Property News and Press Releases

2016 Year End Long Island Office and Industrial Market Report just released by Coldwell Banker Commercial Island Corporate Services

Feb 05 2017

Coldwell Banker Commercial Island Corporate Services has released its 2016 year ending 4th Quarter Long Island Office and Industrial Real Estate Market Reports. Industrial vacancy rate ends at a historic low rate of 2.9%. The industrial vacancy rate started the year at 3.5% and decreased to 2.9% by year end. Quoted industrial asking rents are up over the prior quarter and year.The office vacancy rate started the year at 8.8% and decreased to 7.5% by year end. Quoted office asking rents are up over the prior quarter and year.

2016 FOURTH QUARTER LONG ISLAND INDUSTRIAL SUMMARY
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.


2016 FOURTH QUARTER LONG ISLAND OFFICE SUMMARY
The fourth quarter 2016 vacancy rate rose slightly from 7.4% in the previous quarter to 7.5%. The average quoted office rental rate for all office space in Nassau and Suffolk increased from $25.73 in the third quarter to $25.83 in the fourth quarter. The average quoted rate for Class A office space fell by 1.6%, while Class B and Class C office space rates rose by 1.1% and .2% respectively.   Net absorption was negative for the first time in 2016 at (202,414), down from positive 322,972 in the third quarter 2016.  Net absorption for Class A was negative (207,815), Class B was positive 54,610 and Class C was negative (49,209). During the fourth quarter 2016 no new space was added to the market in the Nassau and Suffolk County market area. There was 733,525 square feet of space still under construction at the end of the fourth quarter.  When looking at office building sales of 15,000 square feet or larger, sales significantly declined in the third quarter 2016.  There were seven transactions with a total volume of $44,825,000. The seven properties consisted of 260,616 square feet, making the average price per square foot $172.00 compared to an average price per square foot of $147.12 in the second quarter 2016.

Click here to access the 4th quarter 2016 Long Island Office Real Estate Market Report 
Click here to access the 4th quarter 2016 Long Island Industrial Real Estate Market Report 

News Archive

2020 Apr  0  1
2020 Mar  5  2
2020 Feb  0  1
2020 Jan  1  1
2019 Dec  4  3
2019 Nov  3  1
2019 Oct  1  1
2019 Sep  3  2
2019 Aug  8  2
2019 Jul  2  1
2019 Jun  2  1
2019 May  4  2
2019 Apr  1  2
2019 Mar  0  1
2019 Feb  3  1
2019 Jan  8  3
2018 Dec  0  1
2018 Nov  8  2
2018 Oct  12  5
2018 Sep  8  2
2018 Aug  4  2
2018 Jul  6  4
2018 Jun  7  2
2018 May  3  2
2018 Apr  6  3
2018 Mar  4  3
2017 Sep  11  2
2017 Mar  7  1
2017 Feb  15  1
2016 Dec  2  1
2016 Sep  25  2
2016 Aug  32  2
2016 Apr  4  1
2016 Mar  9  1
2016 Feb  21  5
2016 Jan  3  1
2015 Sep  9  1
2015 Apr  4  1
2015 Feb  12  1
2014 Oct  21  3
2014 Sep  19  1
2014 Aug  14  2
2014 Jul  16  1
2014 Jun  36  3
2014 Mar  23  1
2014 Feb  393  3
2013 Nov  890  3
2013 Oct  420  2
2013 Sep  473  1
2013 Aug  1031  3
2013 May  367  1
2013 Mar  548  2
2013 Jan  963  3
2012 Sep  992  3
2012 Aug  777  2
2012 Jun  1197  4
2012 May  1034  4
2012 Apr  862  4
2012 Mar  417  2
2012 Feb  253  1
2011 Nov  181  1
2011 Aug  153  1
2011 Jan  485  2
2010 Jun  2  1
2010 May  255  1
2010 Apr  222  2
2010 Mar  324  2
2010 Feb  245  1
2009 Aug  137  1
2009 Jan  144  1
2008 Sep  184  1
2008 Aug  159  1
2008 Jul  0  1
2008 Jun  525  3
2008 Mar  419  2
2007 Jan  134  1
2006 Jun  101  1
2005 Jun  0  1
2005 Apr  110  1
2005 Jan  98  1
2004 Apr  116  1
2004 Feb  1  1

Newsletter Archive