LI's industrial rents jump, despite vacancy increase.Industrial rents on Long Island continued to climb even as vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates increased during the first quarter of 2007, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new report by Long Island's leasing commercial real estate services firm 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. Overall, the vacancy rate for industrial space in the Nassau-Suffolk County region rose to 7.39 percent from 6.66% at yearend. Despite the increased vacancy rate, the average asking rent rose to $12.08 per square foot, up sharply from $11.18 at year end. Twelve months earlier, the vacancy rate stood at 6.22 and the average asking was $10.46 per square foot. There is a total of 150 million square feet in the two-county region. The rise in the vacancy rate, however, masks the lack of functional space in the region, said Sutton & Edwards chief executive 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). . "Much of the space that remains today is functionally obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. which investors/developers will find other uses for. There is limited good space out there. "The skyrocketing price paid by investors in and users of industrial real estate on Long Island is contributing to the increase in asking rents," he noted. In Nassau, the industrial vacancy rate at the end of the 2007 first quarter dropped to 6.44% from 6.83% at year end. The average asking rent for the latest quarter in Long Island's westernmost county was $13.93 per square foot, up from $12.44 at year ended. On year earlier, the Nassau industrial vacancy rate was 6.92 percent, when the average asking rent was $11.62. 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 rose to 7.89 percent in the latest quarter, from 5.88% at yearend. One year ago that rate was 5.86. In the latest three months, asking rents averaged $10.23, up from $9.92 at year end and $9.66 twelve months earlier. Central Nassau--Albertson, Garden City, Garden City Park, Hempstead, Mineola, West Hempstead West Hempstead, uninc. city (1990 pop. 17,689, including Lakeview), Nassau co., SE N.Y., on Long Island. It is chiefly residential. and Westbury--remained the region's tightest submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. with a vacancy rate of 5.16 percent. Central southwest Suffolk--Bay Shore, Brentwood, Central Islip, Islandia, Islip and West Islip--had the highest vacancy rate of any submarket, 11.24%. |
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