Long Island office market puts in solid performance.Fueled by solid market fundamentals the Long Island commercial real estate market remained strong over the first half of 2006. Characterizing the market's excellent performance during this period were the continued development of new speculative office properties, recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. of former industrial buildings, steady demand yielding several significant transactions, positive net absorption and a stable availability rate. At 12.8% as of mid-year, the availability rate remained unchanged from the first quarter and was comparable to second quarter 2005, when it was recorded at 12.7%. When factoring out new construction and property redevelopments, the availability rate would be 11.3%. During the second quarter of 2006, robust leasing activity helped the Long Island market post positive net absorption of 240,000 s/f, with both Nassau and Suffolk counties Suffolk County may refer to:
The period beginning at the start of the calendar year up to the current date. basis, the market posted 92,000 s/f of positive net absorption--the first positive year-to-date figure reported for Long Island since year-end 2004. While new projects boosted availability by 643,000 s/f in the past 12 months, Long Island's office sector is on strong footing. Two phase II Class A projects are underway. In Hauppauge, TRITEC is constructing 209,000 s/f at 102 Motor Parkway, and in Lake Success, Lalezarian Properties is building Phase II of The Granite granite, coarse-grained igneous rock of even texture and light color, composed chiefly of quartz and feldspars. It usually contains small quantities of mica or hornblende, and minor accessory minerals may be present. Buildings, a 300,000 s/f, two-building office complex. Additional projects include 134,000 s/f by We'Re Associates in Jericho, already 35% pre-leased to Nixon Peabody Nixon Peabody LLP is one of the largest multipractice law firms in the United States, with offices in seventeen cities and more than seven hundred attorneys collaborating across twenty-five major practice areas. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and 118,000 s/f by T. Weiss Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. in Melville. Virtually all five submarkets have construction projects, including new speculative buildings and redevelopments. Leasing activity during the second quarter of 2006 totaled 717,000 s/f--more than double the 355,000 s/f of leasing recoded during the same time last year. On a year-to-date basis, leasing totaled 1.0 million s/f, outpacing 2005's 813,000 s/f Several significant transactions were reported in the second quarter as demand increased, fueled by Suffolk County's robust leasing velocity, which included the top two transactions concluded through the first six months of 2006. Average asking rents reached a high of $26.41 psf, predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. due to new Class A properties on the market. By Brian Dugan SENIOR MANAGING DIRECTOR CB Richard Ellis--Li operations |
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