IRR-Long Island Mid-Year Viewpoint 2015 Local Market Report - Industrial
The Long Island industrial market has seen continued improvement since the great recession. The average direct asking rent has increased by 6% during the past year and with a tight market and limited new construction, further gains are expected. The inventory continues to shrink as older, obsolete buildings are torn down and the sites put to better use. Demand is strongest for buildings with ceiling heights over 20 feet as well as proximity to New York City.
While Long Island is no regional distribution hub, it does require a certain amount of industrial inventory to service the significant population base. Improvement in the retail sector has also fostered increased demand for industrial warehousing. Overall, market conditions appear favorable.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.