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In 4th quarter, vacancies decrease on Long Island.

According to fourth-quarter figures just released by Cushman and Wakefield of Long Island, the commercial real estate vacancy rate on Long Island at the end of 1992 was more than a percentage point lower than the same period in 1991.

The fourth quarter vacancy rate for 1992 stood at 19 percent, compared to 1991's fourth-quarter figure of 20.1 percent. The overall vaeaney rate in Nassau County for the fourth quarter of 1992 was 17.0 percent, while Suffolk County's fourth-quarter overall vacancy rate was 23.5 percent.

Average asking rents for both Nassau and Suffolk Counties also fell in .he fourth-quarter. In Nassau County, the average rental rate was $22.37 per square foot, down 82 cents from 1991's year-end figure. Suffolk County's 1992 fourth-quarter average asking rent of $18.90 per square fool was 24 cents lower than that of the year before.

While the 1992 fourth-quarter vacancy rates were lower than those for the same period in 1991, the currein fourth-quarter vacancy rates for both Nassau and Suffolk Counties were actually slightly higher than the previous quarter. According to Joseph A. Lagano, managing director of Cushman & Wakefield of Long Island, the higher vacancy rate was due to a slow-down in leasing activity coupled with additional space becoming available.

But pockets in the marketplace remained strong. In western Nassau County, vacancy rates were down by .9 percent compared with the previous quarter.
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Title Annotation:Cushman and Wakefield of Long Island Inc. releases figures on vacancy rates for end of 1992
Publication:Real Estate Weekly
Date:Jan 27, 1993
Words:234
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