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LI Industrial Market Tightens

MELVILLE, NY-The industrial market here is tightening. And that trend is expected to continue throughout the year. For example, Rechler Equity inked 300,000 sf of deals.

By Barbara Jarvie | Updated on May 01, 2006

(To read more on the industrial market, click here.)

MELVILLE, NY-Rechler Equity Partners has signed more than 300,000 sf of deals in the industrial/flex market here. The deals bring total occupancy to 97.4%.

“We anticipate a continuation of this trend for the remainder of the year and a further tightening of the market, especially for top quality industrial and flex space,” says Mitchell Rechler. The largest transaction was a 128,517-sf new lease by Elm Freight at 2002 Orville Drive in Bohemia. Marchon inked a 25,000-sf renewal at 265 Spagnoli Rd. here.Other large-scale transactions included Schoolwide Inc.’s 21,600-sf renewal at 65 Orville Dr.; Joint Apprentice’s 21,554-sf extension at 85 Engineers Rd. in Hauppauge; Interpharm’s 20,000-sf new lease at 85 Adams Ave. in Hauppauge; and a 15,000-sf new commitment by Rogan Loomstate at 180 Orville Dr. Rechler says the deals “ran the gamut from large, multi-faceted” to renewals and expansions by existing tenants “looking to take advantage of Long Island’s strong business environment.”

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