This last year in Long Island has shown to be a pretty decent year for the Industrial commercial real estate market. With an overall vacancy of 6.9% and over 700,000 sq ft under construction, Long Island,NY proves to be a hot spot for industrial property.
Despite a net occupancy loss in the second quarter of 2017, overall net absorption bounced back within the warehouse/distribution product with over 114,000 sq ft of occupancy gains, according to a report conducted by Cushman and Wakefield.
Given that the supply of the current market is tight, asking prices have risen to $9.31 or 12.8% from the previous, only proving that there is surely a demand for more industrial property on Long Island.
Long Island can be divided up by its submarkets, one of which is Central Suffolk which surprisingly had over 40,000 sq ft of inventory, leasing around 195,000 sq ft of that inventory with an overall vacancy rate of 7.2%. Ultimately closing out the year with around 540,000 sq ft of industrial property under construction, only proving that there is surely a demand for industrial property in and around Long Island.
For a more in depth analysis of the Long Island, NY industrial market, check out Cushman & Wakefield’s review of the market.
If you’re an investor interested in learning more about the Long Island commercial real estate market, in particular industrial properties, contact myNOI’s selected broker in Long Island, New York, George Hubner.