Leasing activity finished the second quarter of 2008 on par withthe second quarter of 2007. The 739,147 sf leased throughout theregion represented a 1.3% gain since last year, the C&W reportsays. The positive activity was attributable to the healthy SuffolkCounty market, where at 361,075 sf of leased space, made ayear-over-year gain of 67.5%. Lend America'slease of just over 57,000 sf at 520 Broad Hollow Rd. in Melvillewas the largest for the quarter.
According to CB Richard Ellis' Q2 report on Long Island, for thesecond consecutive quarter, Long Island office vacancy was reportedat 11.9%, slightly under the 12.6% vacancy reported one year ago.Although leasing activity declined from 701,113 sf in the firstquarter to 481,100 sf in the second quarter, year-over-year leasingactivity was greater in 2008. As for the Suffolk County market,availability increased by 0.8 percentage points quarter-to-quarter,however, it remained one point below the reported availabilityduring the same period last year. Leasing activity in SuffolkCounty decreased quarter-to-quarter and year-to-year, however, theoverall average rent increased to $24.64 per sf, the reportsays.
According to CBRE, the Long Island office market continued tooutperform the other suburban markets around the region during thesecond quarter of 2008. While Long Island availability increased to14.3% quarter-to-quarter, it was still 0.6 percentage points belowNew Jersey, which reported availability at 14.9%. Stamfordavailability increased to 15%, and Westchester's availability wasthe highest at 17.5%.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
