Long Island profits as industrial space disappears elsewhere

Residential conversions of business sites in Brooklyn and Queens shrinking supply

New York /
Aug.August 25, 2014 10:00 AM

The loss of factories and warehouses to housing developments in Queens and Brooklyn is turning into gains for Long Island landlords.

Brokers say businesses are heading east due to the shrinking supply of industrial space. Sales of such real estate in Nassau County has surged 133 percent to $139.3 million in the year through the second quarter of 2014.

Those numbers come from Real Capital Analytics and were cited in a story by the Wall Street Journal. According to that paper, the pace of deals is also quickening in Suffolk County, where sales are up 223 percent to $65.4 million during the same period.

Meanwhile, asking rents in Long Island increased 12.4 percent to $8.22 per square foot in the second quarter, according to a Cushman and Wakefield report cited by the Journal.

Also helping to push up prices: the conversion of some Long Island industrial space to medical and urgent-care facilities and retail, the newspaper reported. [WSJ]Tom DiChristopher


Related Articles

arrow_forward_ios
Warehousing, construction notch November job gains
Warehousing, construction notch November job gains
Warehousing, construction notch November job gains
The $18 million mansion (Sotheby's International Realty)
Original Devon Colony mansion lists for the first time, asking $18M
Original Devon Colony mansion lists for the first time, asking $18M
(Facebook via The Palms Hotel Fire Island)
Fire (Island) sale: Palms Hotel hits the market
Fire (Island) sale: Palms Hotel hits the market
George Filopoulos, Lloyd Goldman and Gurney’s Montauk hotel  (Gurney's, Getty)
Metrovest, Lloyd Goldman secure $218M refi on Montauk resort
Metrovest, Lloyd Goldman secure $218M refi on Montauk resort
More contracts signed in the city for more expensive homes (iStock)
Manhattan condo signings jump 65% in November, led by priciest homes
Manhattan condo signings jump 65% in November, led by priciest homes
(Bespoke Real Estate)
Hamptons mansion featured on “Succession” trades for $45M
Hamptons mansion featured on “Succession” trades for $45M
Blackstone's Stephen Schwarzman (Getty)
Blackstone buys logistics portfolio for $2.8B
Blackstone buys logistics portfolio for $2.8B
Dov Hertz lands $442M loan for Sunset Park warehouse project
Dov Hertz lands $442M loan for Sunset Park warehouse project
Dov Hertz lands $442M loan for Sunset Park warehouse project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...