205 Brook Avenue, Deer Park NY
205 Brook Avenue, Deer Park, New York 11729
12,000 SF Industrial Building for sale in Deer Park
Robust local demand has kept vacancies tight in the Long Island industrial market. With the scarcity of largescale logistics development in the pipeline, the vacancy levels should remain among the lowest in the National Index. For the most part, tenants in Long Island service the local community, including suburban Long Island, Brooklyn, and Queens. The New York City boroughs have seen a large share of industrial inventory leave the market through conversions and ground-up redevelopment, along with sharp inflation in rental rates of remaining stock. The limited space for lease and high prices in the New York City counties has pushed companies to look to Nassau and Suffolk for cheaper space, with average asking rents at approximately $13/SF. Yet, the metro has plenty of competition within the Greater New York area, as major distribution hubs in Northern New Jersey have captured more demand than Long Island in this cycle.
While not the most dynamic market in the country, strong demand resulted in seven consecutive years of positive net absorption in Long Island until last year. Even with negative demand in 2018, vacancies are comfortably below their historical average. Along with the neighboring New York Metro, asking rents are comfortably above the national average. Selling prices per square foot also far exceed those of most metros, despite investment typically being driven by local players and owner/users. Sales volume has steadily escalated throughout this cycle, increasing in each year, and reached a peak near $700 million last year.
3/3/2020 5:36:27 PM
3/27/2020 1:07:19 AM