The Long Island market continues at a slow but steady pace, improving over each previous quarter and remaining healthy. Availability in both sectors dipped slightly and predictably rents inched up a bit. The first (1st) quarter experienced several major transactions across every discipline; retail, office and industrial. Newsday signed the largest new office lease of the quarter (84k SF). The industrial market has outpaced the other sectors with substantial increases in rent and increases in the cost per square foot to purchase. A large contributor to the increase is due to the migration of tenants/buyers from Long Island City and NYC boroughs acquiring Long Island facilities at “discounted” rents and lower acquisition costs.
