Nassau & Suffolk County outlook for years ahead.Nassau and Suffolk Counties contain 1, 198 square miles of land on Long Island just east of the borough of Queens. Nassau County Nassau County is the name of two counties in the United States of America:
adj. Having both rural and urban characteristics: a semirural town; a semirural environment; a semirural way of life. in nature. Nassau County serves as a major bedroom community for New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Suffolk County, east of Nassau County, occupies approximately three-fifths of the eastern portion of Long Island. Suffolk County includes a large commuting population in the west and a well-known summer resort area and farmland to the east. The Economy: Once comprised of farmland, cattle pasture, whaling whaling, the hunting of whales for the oil that can be rendered from their flesh, for meat, and for baleen (whalebone). Historically, whale oil was economically the most important. Early Whaling Whaling for subsistence dates to prehistoric times. , fishing, ship-building villages, millionaires' estates and summer resorts, Nassau and Suffolk Counties have experienced tremendous growth as a result of the aircraft and related defense industries. Today Long Island is home to such large corporations as Grumman Aerospace, Symbol Technologies, Computer Associates, AIL AIL 1. Angiocentric immunoproliferative lesion 2. Angioimmunoblastic lymphadenopathy Systems, Brookhaven National Laboratory Brookhaven National Laboratory, scientific research center, at Upton (town of Brookhaven), Long Island, N.Y. It was founded in 1947 by Associated Universities, a management corporation sponsored by nine eastern U.S. universities. , Cold Spring Harbor Research Labs, and an increasing number of other high-tech companies. Many large defense-related companies have closed and left Long Island. The disappearance of or cutbacks in defense-related industries during the 1970s and 1980s resulted in a shift to service-oriented businesses, and the recent recession accentuated the transformation. As a result, numerous manufacturing jobs were lost; Litton Applied Technology, for example, is consolidating and terminating 160 jobs on Long Island and moving its operations to the company's California facilities. Public Policy Issues: Major development in Nassau County is limited as a result of scarce vacant land for development and current zoning regulations. Future growth is expected to occur in Suffolk County, but at I modest pace. The former Fairchild-Republic property is slated for development, with a $100 million shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , community recreation facilities, and light industrial/R&D projects proposed. Environmental considerations could interfere with the proposed development, however. Development policy and zoning in Nassau/Suffolk are controlled at the town level, and policies tend to be driven by organized groups of homeowners and business concerns. With no regional plan for bi-county zoning, any major change in the development patterns of the counties will be limited. The most notable public policy issue affecting development is the Pine Barrens The following is a list of pine barrens.
supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. and is the largest area of undeveloped land on Long Island. A number of developments, including a plan to build 5,000 residential units, 6.8 million square feet of office and industrial space, and over 3 million square feet of retail space, have been stalled or stopped by disputes over their environmental impact. Future use of the Pine Barrens will be controlled by the Joint Pine Barrens Planning and Policy Committee. While Nassau/Suffolk is served by several airports, the Long Island Railroad, and major highways, movement is difficult because of major bottlenecks on all major north/south and east/west highways. A fourth lane and service roads are being added t6 the Long Island Expressway, and plans have been submitted to widen the Northern State Parkway The Northern State Parkway is a 29.88 mile (0 km) long limited-access parkway on Long Island in the U.S. state of New York. . Roads continue to be improved, but local opposition to projects forestalls improvements to infrastructure. The combination of high property values and real estate property taxes, high state income taxes, and high sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. has affected the demand for all types of real estate. Various state and/or county agencies have responded by offering energy incentives through the Long Island Lighting Company and tax modifications and financing packages, and by creating special development zones. Government sectors have been negatively affected by the recession and anti-tax movement. The private sector has set forth major initiatives to improve and promote a balanced approach to development, including the Long Island Housing Partnership, which has brought affordable housing to Long Island. Retail Market Development/Investment Activity: Activity in the retail market continues to represent a bright spot. Large discount stores and warehouse operations have entered or expanded in Nassau/Suffolk, and the trend should continue in 1994. Through June 1993, total retail sales were up over 7.7 percent compared to the same period in 1992, and retail sales tax receipts grew substantially through the year. Development of new retail centers has decreased since 1991. Approximately 100 building permits were issued in 1992 for stores and other commercial properties, compared to 595 in 1991. Because vacant land is scarce in Nassau County, most development took place in Suffolk County. Planned construction included a 300,000 square-foot outlet center in Riverhead riv·er·head n. The source of a river. and a 156,000 square-foot Price Club and Wal-Mart in Hauppauge. Other proposed construction included large supermarkets in East Northport East Northport, uninc. residential town (1990 pop. 20,411), Suffolk co., SE N.Y., on the north shore of Long Island. , Great Neck, and Hempstead and warehouse clubs in Westbury, Jericho, and Islandia. Three major supermarket chains anticipate opening superstores on Long Island within two years. Topps Appliance City opened a 77,000 square-foot electronics and appliance retail store in Westbury. Retail development neared saturation level in central Nassau County. Brookhaven Town Center, a 1.6 million square-foot super regional center and one of two major planned retail developments in Suffolk County (the other is on the Fairchild-Republic property), is slated to open in 1996 with six anchors. The project was impeded by the Pine Barrens decision, however. Regional Centers: Walt Whitman Mall Walt Whitman Mall is a shopping mall located in Huntington Station, NY on Walt Whitman Rd (Rt 110) and Jericho Turnpike. It has many stores including main anchors Bloomingdale's, Lord & Taylor, Macy's and Saks Fifth Avenue. in Huntington Station Huntington Station, uninc. town (1990 pop. 28,247), Suffolk co., SE N.Y., on the north shore of Long Island. The town has a diverse manufacturing base and is located near a popular vacation and fishing area on Long Island's north shore. plans to begin construction of a 450,000 to 500,000 square-foot second level by 1994 or 1995, and Bloomingdale's plans to occupy a 200,000 square-foot anchor space 1. (Billiards) In the balk-line game, any of eight spaces, 7 inches by 3½, lying along a cushion and bisected transversely by a balk line. Object balls in an anchor space are treated as in balk. in the mall. Fortunoff s 1.3 million square-foot, two-section Galleria, which began construction in 1993, is expected to be completed in 1995. Neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. the Galleria is Price Club Plaza, The Sports Authority Sports Authority is the USA's largest full line sporting goods retailer. The company is headquartered in Englewood, Colorado. It operates over 400 stores in 45 U.S. states under the Sports Authority name. Total sales for the fiscal year ending January 29 2005 were $2.44 billion. , and WalMart. Roosevelt Field Shopping Center recently completed a $70 million expansion that included the addition of 70 new retailers and a 14-tenant food court. A large Long Island developer will take over the location of the former A&S Shopping Plaza shopping plaza Noun a shopping centre, usually a small group of stores built as a strip in Hempstead. Plans for redevelopment include a $60 million, 400,000 square-foot shopping center on 30 acres. The county and state are expected to provide funds, and the county will sell industrial revenue bonds to pay for construction. Non-regional Centers: The demand for value-oriented goods spurred large retailers like Wal-Mart and Price Club to compete directly with regional malls and smaller centers. As a result" smaller mom-and-pop stores have been forced to close their doors, and upscale mall tenants have had to re-think their marketing strategies. Meanwhile, retail investors Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. began to look at power centers as viable additions to their portfolios. Power centers began, in particular, to compete with regional malls in areas like the former Roosevelt Raceway. Power centers were struck with a series of blows, however, as a proposed WalMart faced opposition from the Suffolk County Planning Commission Noun 1. planning commission - a commission delegated to propose plans for future activities and developments commission, committee - a special group delegated to consider some matter; "a committee is a group that keeps minutes and loses hours" - Milton Berle , and another WalMart that was scheduled to open its doors in Fall 1993 at the Roosevelt Raceway has run into delays induced by foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. . Meanwhile, Marshalls, K Mart, and Sports Authority opened stores at the nearby Price Club Plaza, and MegaMarket, an enclosed flea market See computer flea market. flea market yard sale of used items at low prices. [Pop. Culture: Misc.] See : Inexpensiveness , opened in Garden City at the former Computer Associates building. Rents/Lease Terms: Rents for most regional centers ranged from $30 to $50 per square foot. Smaller centers commanded from $15 to $25 per square foot. Public Policy Issues: The greatest barrier to retail development in Nassau/Suffolk came from planning boards, property owners, local retailers, and traffic. Riverhead has created a "factory outlet overlay zone" to encourage the development of factory outlet centers and wholesale centers. As of mid-1993, three potential plans for factory outlet centers had been brought before Riverhead's planning officials. Outlook: Although personal income and retail sales are predicted to rise, consumer confidence remains low, and any increase in consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. will be cautious at best. Value centers will continue to present a threat to local retailers. AIL Systems, Inc., one of Long Island's oldest defense electronics companies, announced plans to sell 17 acres of land to an investor who plans to build a 115,000 square-foot Caldor on a ten-acre parcel and possibly a 60,000 square-foot supermarket on the other seven acres. Pending approvals, Caldor is expected to open by December 1994. Bradlee's, a new entrant en·trant n. One that enters, especially one that enters a competition. [French, from present participle of entrer, to enter, from Old French; see enter. in Nassau/Suffolk, will open soon. Three centers totaling 1.4 million square feet are proposed in Nassau County, and 2.4 million square feet is proposed in Suffolk County in 12 locations. Office Market Development/Investment Activity: The Nassau/Suffolk office market contains approximately 44.6 million square feet of space. Six projects totaling 443,800 square feet of space were under construction at the start of 1993. Of these projects, the Meridian Plaza II at Veterans Highway in Ronkonkoma, which opened with 67 percent occupancy, and the Port Jefferson Port Jefferson is the name of some places in the United States of America:
In Suffolk County, the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Urban Development Corporation committed $40 million to assist Olympus America, Inc. in the development of 53.7 acres for a new 234,000 square-foot corporate headquarters. The plan was terminated as a result of civic opposition. Canon USA also ran into opposition with plans to build 600,000 square feet in Brookville on the grounds of the New York Institute of Technology The function of higher education was highly debated at the time. There was growing concern that American schools and colleges were failing to meet critical national demands, particularly the need for scientists, engineers, and high-level technicians. . A division of Grumman Aerospace vacated approximately 180,000 square feet in Melville, increasing the total amount of space vacated by Grumman in Nassau/Suffolk to 700,000 square feet since 1989 and the total amount of vacant space along the Route 110 corridor to more than 800,000 square feet. Leases signed in late 1993, however, reduced the amount of space available in large blocks to approximately 500,000 square feet in that area. Downtown/Core Area Market: Office space in Nassau/Suffolk is located predominantly in suburban office park settings. No development occurred in the older suburban downtown locations in 1993. Acclaim Entertainment, with 400 employees, reportedly plans to buy a 65,000 square-foot office building in Glen Cove Glen Cove, city (1990 pop. 24,149), Nassau co., SE N.Y., on the north shore of Long Island, at the entrance to Hempstead Harbor; settled 1668, inc. as a city 1918. and the adjacent vacant land for $4 million. Suburban Markets: As vacancies increased, weighted average rental rates decreased to the lowest experienced in several years. Vacancy rates climbed past 20 percent in 1993, and the glut glut pronounced as rut, slut Vox populi An excess of a service or skilled labor in a particular area. See Physician glut. of office space caused owners to reduce rents to approximately $20.60 per square foot, a decline of approximately 11 percent since 1990 and 3 percent since 1992. Vacant land for office construction was limited in Nassau County and is located primarily in the Mitchell Field area. Potential development was limited primarily to Suffolk County. Land values for office construction fell. Rehabilitation rehabilitation: see physical therapy. and re-use, which were common in the 1980s, will be limited. Mixed Use: A number of industrial sites are being converted into mixed-use facilities, among them the 110,000 square-foot Port Jefferson Business Center. Financing: Financing for new development was difficult to find, except for workouts and long-term leases for build-to-suit tenants. A trend toward refinancing debt developed. Rents/Lease Terms: As of the third quarter of 1993, weighted average asking rental rates for Class A space were $22.50 per square foot, those for Class B space $18.30 per square foot. Vacancy rates for Class A buildings were stable at 18.5 percent, while Class B space saw an increase to 22.8 percent. Lease terms varied but generally ranged from five to ten years with a pro-rated share of increased expenses plus electricity passed on to tenants. Public Policy Issues: State and county authorities continued to offer incentives to attract major corporations, but were expected to face continued opposition from certain community groups. Traffic congestion The condition of a network when there is not enough bandwidth to support the current traffic load. congestion - When the offered load of a data communication path exceeds the capacity. will continue to hamper demand from major users in the near term, and taxes of all kinds will reduce movement to the bi-county area. Outlook: The office market will continue to suffer until the overall economy improves. It appears that the market is stabilizing and that rents in the near term will remain near current levels. The current supply of vacant space could last three to six years. More tenants in Class B space will be attracted to newer Class A buildings offering lower rents and better amenities, which will continue to negatively affect rents for Class B space. The demand for office space will continue to be in Nassau and western Suffolk. New construction will be limited to build-to-suit projects because of the high vacancy rates in both counties. Industrial Market Development/Investment Activity: The total supply of industrial space in the bi-county area exceeded 235 million square feet at the start of 1993, with over 18 million square feet available for sale or lease, 6 percent more than in January 1992. Construction of industrial space declined in 1992 and 1993, with only build-to-suit projects currently under way. No new buildings were authorized in Nassau County during the first eight months of 1993, only 12 in Suffolk County. Sixteen additional projects totaling more than 10 million square feet were proposed, but it is highly unlikely these projects will proceed, given the current environment. Some industrial space was successfully converted to other commercial uses, however, accessibility and excess land for parking were lacking in many other sites. Rents/Lease Terms: Market rents typically ranged from $4 to $7 per square foot, with asking rents averaging approximately $6.94 per square foot in Nassau and $5.84 per square foot in Suffolk, including base year real estate taxes. Leases typically ranged from three to five years, with the tenant paying real estate taxes and certain other expenses. Rental rates were anticipated to remain flat in the near term. Rents for large spaces are generally lower. |
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