Report points to continued confidence in LI market.The second quarter of 2004 proved sensational for Long Island's commercial real estate market. Spurred by Nassau County's 217,000-square-foot commitment at 60 Charles Lindbergh Boulevard Lindbergh Boulevard named after the aviator, Charles Lindbergh, is a section of U.S. Route 67 that extends through Missouri. Often referred to as just Lindbergh a section of the highway in St. Louis County is highly popular to the teenage recreation of cruising. in Uniondale, NY, the Long Island market posted 783,000 square feet in total leasing and 405,000 square feet of positive net absorption. 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. CB Richard Ellis' 2nd Quarter 2004 Office Market Report, the market's availability rate dropped by more than half a percentage point over the first quarter to just 9.5%, the lowest availability rate in the Tri-State Region For other tri-state regions, see . The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. . As a result of this resurgence, rental rates increased by $.27-psf over the first quarter and now stand at $24.50-psf. In addition the Nassau County Nassau County is the name of two counties in the United States of America:
For example, Arbor arbor Garden shelter providing privacy and partial protection from the weather, most commonly a lightweight, latticed framework (trellis) of wood or metal with interlaced branches of vines or climbing shrubs trained over it. Commercial Mortgage renewed A band expanded to 27,300 square feet of space at 333 Earle Ovington Earle Ovington (1879 - 1936) was an American aeronautical engineer, aviator and inventor, and served as a lab assistant to Thomas Edison. Ovington piloted the first official airmail flight in the US in 1911, from Garden City, New York to Mineola, New York. Boulevard in Uniondale and Bank of Smithtown leased 25,600 square feet at 100 Motor Parkway in Hauppauge, NY. In contrast to the previous quarter, Class A office space experienced most of the leasing activity. This segment posted 469,000 square feet in total leasing during the second quarter, compared to the 313,000 square feet of Class B space. A bigger differentiating factor between Class A and B space was in average asking rents. Class A space continued to go for a premium with an average asking rent of $27.21-psf--$.71-psf higher than the asking rents recorded during the first quarter of the year. At $21.93-psf for the quarter, Class B average asking rents dropped by $. 11-psf during the same period. On the investment sales front, the market continues to be flush with equity and debt. These factors, combined with low interest rates and an expanding economy are driving activity. During the second quarter of 2004 five major office transactions with an aggregate price of $75.55-million and totaling 461,000 square feet were completed. Among the largest transactions was Treeline Companies' acquisition of 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. for $30 million from Reckson Associates Realty Corp. In addition, Damianos Realty Group purchased 222 Middle Country Road for $11 million from Branch Office Associates and Fairfield Properties acquired 50 Route 111 for $7.4-million from Hillside Plaza Associates, both properties located in Smithtown, NY. Over the past six months of 2004, leasing activity has shown incredible resiliency. Furthermore availabilities have dropped below equilibrium due to a sixth consecutive quarter of positive net absorption. Industry experts, while cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op , predict that the Long Island commercial real estate market will continue to be a strong performer. |
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