Long Island office market 'strong and steady'.Cushman & Wakefield has released second quarter 2004 statistics for Long Island that indicate the office market continued to display upbeat signs across Nassau and Suffolk Counties Suffolk County may refer to:
Overall 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 decreased for the third straight quarter on Long Island, down to 12.4%--the lowest since the first quarter of 2002. Class A overall vacancy rates remained at 11.0%, compared with 13.7 percent a year ago. Class B rates dropped to 13.5%, from 15.9% a year ago. The overall Class A and B average rent for office space during the second quarter, $26.84 per square foot, was a drop from $27.07 at the end of the first quarter, but above the $26.29 recorded a year earlier. In addition to lower vacancy rates, Long Island experienced positive absorption for the third consecutive quarter, as well as increased rent stability. "Long Island has benefited from its diverse economic base and we are seeing many area businesses move into an expansion cycle, looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. more space," said Jim Fagan, senior managing director and head of Cushman & Wakefield's Long Island, and Westchester and Fairfield County Fairfield County is the name of three counties in the United States:
A number of significant lease transactions closed in the second quarter including that of Darby Drug Companies which subleased 100,000 sf at 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. ; Nassau County's lease of 217,000 square feet of office space with Reckson Associates at 60 Charles Lindbergh Blvd. in Uniondale; the Smithtown Bancorp lease for 26,000 sf at 100 Motor Parkway, Hauppauge. In addition, Ernst & Young renewed its lease at 395 North Service Road for 25,700 sf. Investment sales activity on Long Island was steady and solid in the second quarter. Ivy Equities acquired a 10 property portfolio (where) totaling 388,175 sf for approximately $41 million; Reckson Associates sold 400 Garden City Plaza City Plaza is a shopping mall in historic downtown St. Albert, Alberta, Canada. This shopping plaza features heritage architecture and a European small shop ambience. It is home to BITNETS, the award winning technology business, other upscale offices and boutique-style shops. in Garden City, a 176,000 sf office building, to Treeline Companies for $30 million, thus completing Treetine's ownership of the 600,000 sf, four-building office park, located adjacent to Roosevelt Field Mall Roosevelt Field Mall is the largest shopping mall in the state of New York and ninth in the country as measured by gross leaseable area at 2,189,941 sq ft. (203,452 m²). Located in East Garden City on Long Island, the anchors of the 270 store mall are: Bloomingdale's, JC Penney, . Completion of two new construction projects added 262,000 sf to the office market inventory. Despite the fact that new availabilities were added to the market, direct net absorption remained positive at 415,840 sf--compared to 26,073 one year ago. If the trend toward positive absorption continues, vacancy rates may break the single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. mark, causing a possible swing to a "landlords market". |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion