Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.
This week by the numbers
Melville, NY—Long Island recorded its fifth consecutive quarter of falling overall vacancy rates in the final quarter of the year, according to Jones Lang LaSalle. The market's overall vacancy rate fell to 13.4 percent in the fourth quarter of 2016, a decrease of 20.2 percent (or 340 basis points) from 16.8 percent one year ago. Strong tenant demand for Long Island office space during the past year has suppressed vacancy rates across all submarkets and building classes. Tenants leased about 2.23 million square feet of space throughout Long Island in 2016, down slightly from the 2.42 million square feet of space leased the previous year. The largest transactions recorded this quarter were both renewals, with the government of Nassau County renewing 217,000 square feet at 60 Charles Lindbergh Boulevard in Uniondale, and Merrill Lynch renewing 50,000 square feet at 1325 Franklin Avenue in Garden City.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
