|SQ. FT. Available||25,000|
Robust local demand has kept vacancies tight in the Long Island industrial market, and with the scarcity of large-scale logistics development in the pipeline, the vacancy levels should remain among the lowest in the National Index. For the most part, tenants in Long Island service the local community, including suburban Long Island, Brooklyn and Queens. The New York City boroughs have seen a large share of industrial inventory leave the market through conversions and ground-up redevelopment, along with sharp inflation in rental rates of remaining stock. The limited space for lease and high prices in the New York City counties have pushed companies to look to Nassau and Suffolk for cheaper space, with average asking rents approximately $13/SF. Yet, the metro has plenty of competition within the Greater New York area, as major distribution hubs in Edison and other parts of Northern New Jersey have captured more demand than Long Island in this cycle.
While not the most dynamic market in the country, strong demand resulted in seven consecutive years of positive net absorption in Long Island until last year. Even with negative demand last year, vacancies are comfortably below their historical average. Along with the neighboring New York metro, asking rents are comfortably above the national average. Selling prices per square foot also far exceed those of most metros, despite investment typically being driven by local players and owner/users. Sales volume has steadily escalated throughout this cycle, increasing in each year, and reached a peak above $630 million last year.
This prime industrial/flex building is an amazing opportunity for an end-user or investor. 25,000sq ft, 4 units-recently renovated Flex spaces with appr. 70% Office space. Ample parking. Incredible Opportunity for End User or Investor. Will not Last!