LI's class A office rent poised to pierce $30 ceiling.The average asking rent for vacant Class-A office space on Long Island averaged just under $30 a square foot in the final quarter of 2005 and is poised to pierce that magical barrier sometime this year, Sutton & Edwards Inc. / TCN TCN Tetracycline TCN transparent content negotiation TCN Third Country National(s) TCN Topology Change Notification TCN Transportation Control Number TCN Train Communication Network TCN Transaction Control Number Worldwide, Long Island's leading commercial real estate services firm, reported. "It's not a question of if, but in which quarter of 2006 will it pierce that mythical myth·i·cal also myth·ic adj. 1. Of or existing in myth: the mythical unicorn. 2. Imaginary; fictitious. 3. ceiling?" said Alan Rosenberg Alan Rosenberg (born October 4 1950) is an American actor of both stage and screen, and current president of the Screen Actors' Guild, the principal motion picture industry on-screen performers' union. Biography Rosenberg was born and raised in Passaic, New Jersey. , President of Sutton & Edwards. The overall asking rent for Class-A space--space in the newest buildings with the best locations and amenities--averaged $28.44 per square foot in the fourth quarter of 2005, slightly higher than the previous quarter's $28.37, but sharply above the $27.01 averaging asking rent recorded at the end of 2004.. In Nassau County Nassau County is the name of two counties in the United States of America:
In Suffolk County Suffolk County may refer to:
The rise in office rents has taken place against a backdrop of declining Class-A office vacancies, Islandwide and in each county. Across Long Island, the Class-A office vacancy rate at yearend stood at 8.34 percent, compared with 9.68 percent at the end of the third quarter and the 2004 fourth-quarter figure, 8.97 percent. "Long Island has shown a remarkable ability to maintain the delicate balance between product and users which creates a stable real estate environment," said Sutton & Edwards Chief Executive Officer Herb Agin a·gin Chiefly Upper Southern U.S. prep. 1. Against. 2. Opposed to: I'm agin him. 3. Next to; beside; near. 4. By or before (a specified time). . The Class-A vacancy rate for Nassau was 8.6 percent at the end of 2005, compared with 9.48 percent at the end of third quarter, but above the 7.1 percent one year earlier. Almost 300,000 square feet of new office space came onto the Nassau market during 2005, but a considerable portion of available space at 135 Crossways Park Dr., Woodbury, and 300 Jericho Quadrangle quadrangle Rectangular open space completely or partially enclosed by buildings of an academic or civic character. The grounds of a quadrangle are often grassy or landscaped. , Jericho, was leased during the final quarter. In Suffolk, the Class-A vacancy rate was 7.8 percent at the end of 2005, compared with 10.05 percent in the third quarter and 12.46 percent at the end of 2004. In Suffolk, the drop reflected a reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of a large property, the 260,000-square-foot 5000 Corporate Court in Holtsville, from Class A to Class B status during the most recent quarter. The vacancy rate for both Class A and B office space Islandwide was 10.33 percent at yearend, compared with 9.06 percent a year earlier. In Nassau, 245,571 square feet of Class B office space at 100 Duffy Ave., became available with the departure of JP Morgan Chase and the sale of the bank's vacant, former back office building to Apollo Real Estate Partners. |
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