Shrinking industrial inventory should push businesses to buy properties instead of rent

The industrial market on the island reported a 3.1 percent vacancy rate in the first quarter, down slightly from a year ago, according to data from Newmark Knight Frank. Similarly, the office market saw a vacancy rate of 8.9 percent, up slightly from the year before, but lower than the 13.5 percent national average. That coupled with an influx of businesses moving to Long Island from New York City have created a tight market. “If you’re planning on doing something, you’ve got to be quick because in this market the buildings are staying on the market for a very short time,” Michael Freedberg, president of West Babylon-based Suffolk Industrial Properties told Newsday. [Newsday]