Vacancy rate down in LI

Real Estate Weekly, May 5, 1993

According to figures just released by Cushman & Wakefield of Long Island, the commercial vacancy rate on Long Island for the first quarter of 1993 dropped by .2 percent to 18.8 percent.

The current vacancy rate is .7 percent below the 1992 first quarter figure of 19.5 percent.

Activity in Nassau County was the key to the reduction in vacancies, with its overall vacancy rate down .8 percent to 16.2 percent, the lowest vacancy rate reported for Nassau County in more than two years. Contributing to the decrease were several significant transactions throughout the county, including 12,400 square feet of space leased to Win-Holt Equipment Corporation in Westbury; 10,000 square feet leased to Christopher Thomas Associates in Garden City; 35,000 square feet of office space leased to Career Placements in Woodbury; and 7,000 square feet leased to Kensington Wells in addition to 8,000 square feet to Liberty Mutual, both at Sterling Plaza in Mineola.

Average asking rents for Long Island continued to decline as well, and now stand at about $21.11 per square foot, down $.12 a square foot from last quarter. Lagano believes it is likely, however, that the rental price structure will firm up in 1993 as vacancy rates continue to drop and business in general improves.