Long Island Industrial Property Vacancies Fall, Rents Rise
Sutton & Edwards Inc./TCN Worldwide, Long Island's largest commercial real estate services firm, reports that industrial property vacancies fell in the Nassau-Suffolk region as rents rose during the 2006 first quarter.
LAKE SUCCESS, NY (PRWEB) May 4, 2006 -- Long Island’s industrial vacancy rates continued to trend lower during the first quarter of 2006 and average asking rents continued to rise, according to the commercial real estate services firm Sutton & Edwards Inc./TCN Worldwide
Overall, the vacancy rate for industrial space in the two-county region fell to 6.22 percent from 6.23 percent at the end of the 2005 fourth quarter. The industrial vacancy rate stood at 6.72 percent one year ago. The average asking rent for industrial space in the region overall was $10.46 per square foot, compared with $10.43 at yearend and $10.10 a year earlier.
“The industrial market continues to have limited, good sizable functional space in choice locations along the Long Island Expressway,” said Jeff Schwartzberg, Sutton & Edwards Senior Director. “Vacancies are limited and pressures continue to favor landlords.”
In Nassau, the industrial vacancy rate at the end of the 2006 first quarter was 6.92 percent, compared with 7.20 percent at yearend 2005 and 8.02 percent at the end of the 2005 first quarter. Asking rents rose to $11.62 per square foot in the 2006 first quarter, from $11.44 three months earlier. Nassau has approximately 49 millions square feet of industrial space.
In Suffolk, which has almost twice as much industrial space as Nassau, the vacancy rate edged up to 5.86 percent at the end of the first quarter of 2006, from 5.73 percent at yearend and 6.04 percent in the comparable year-ago quarter. Asking rents rose to $9.66 per square foot from $9.43 at yearend.
Founded in 1962, Sutton & Edwards Inc. / TCN Worldwide is Long Island’s premier commercial real estate services firm. Operating from its headquarters in Lake Success, NY, and a branch office in Ronkonkoma, NY, the firm employs 50 real estate specialists providing integrated leasing, investment sales, property management and advisory solutions. To find out more about Sutton & Edwards, please call 1-516-328-6500, or visit the firm's Web site at www.suttonandedwards.com.
###
|
