Central Suffolk
Statistics
First Quarter, 2010 |
Overall Vacancy Rate: 13.5%
|
Sq. Ft. Surveyed: 6,060,000
|
Average Base Rent: $23.68
(plus tenant electricity)
|
Central Suffolk's office inventory is the most architecturally diverse. This inventory mix is able to attract a tenant base of high-growth companies as well as a sprinkling of national and regional service companies including CA and Motorola.
Over the last 10 years there was a pattern of development whereby single-story industrial buildings were converted to conventional office space. As a result, office space seekers will find an inventory that includes large amounts of single-story, low loss factor office space at comparatively very attractive rentals.
Concentrated along an east-west corridor between exits 54 to 57 of the Long Island Expressway, and then bending southeast along Veterans Memorial Highway to MacArthur Airport, this sub-market retains the potential to be Long Island's future economic engine. Unlike prior yeats, the disadvantage of having to draw workers from Nassau County has been mitigated by the recession. Accordingly, for companies wanting to aggressively reduce their overhead, central Suffolk offers some of the best deals. Brand new, entire floors of class-A office space is presently at asking rents of $28.25.
Unlike most of Nassau County, the potential still exists for the long-term expansion of Central Suffolk's office inventory. Unfortunately, since financing will remain "missing in action" for at least another 2 years or more, the office building inventory will remain stagnant. In other words, as it is throughout most of Long Island, "what you see is what you will get" for the foreseeable future.
Current Market Conditions:
Over the last 12 months the vacancy rate has remained somewhat stagnant at 13.5% demonstraing that this submarket's financial appeal where you can get "more for your money." On the other hand, some of the newer and more "pricier," conventional multi-story, office buildings are experiencing slow lease-ups. Accordingly, if you are looking for class-A office space, you will discover very attractive terms and conditions.
