Statistics and Market Information

Eastern Nassau

The eastern Nassau office submarket retains Nassau's few remaining developable commercial parcels, along with an inventory of light industrial buildings that is rapidly becoming economically obsolete. Compared to the other Nassau office markets, eastern Nassau's inventory includes multi-storied as well as single-story, self-contained office buildings (converted light industrial buildings) that offer tenants attractive rent structures highlighted by modest loss factors.

The crosscut of major arterial roadways including the Long Island and Seaford Oyster Bay Expressways as well as Northern Parkway enable the area's employers to attract labor from Queens, Nassau and Suffolk Counties. This advantage has proven particularly important to employee-dense financial service companies.

This market's conventional office space inventory will gradually increase as obsolete light industrial and flex buildings are converted to office facilities. Woodbury has recenly welcomed 135,000 square feet of brand new office space. Then again, a proposed 75,000 square foot building will remain dormant for the foreseeable future.

Current Market Conditons:
Eastern Nassau remains Nassau's most tenant favorable submarket. Still feeling teh effects of the collapes of several mortgage companies along with the impact of the recession, the vacancy rate has climbed back to 18.1%. However, several large, pending transactions could materially reduce the near-term vacancy rate. In addition to Woodbury, we expect to companies migrating from central Nassau to the former Grumman site in Bethpage where rents have dropped below the $20.00 level.