7 commercial leases results

Destined for its arts, shopping, and nightlife experiences, Long Island City has recently become a Mecca for middle-aged Americans. Tenants who are up for favorably conditioned commercial property in Long Island City, flood it to the max. Some of them are lured by the opportunity to neighbor the New York Times, Macy’s, Estee Lauder, Altice USA, and others who have already rooted in the community of LIC. Some might call it a chameleon-city, yet it is in its nature that Long Island City always has something to offer to the enterprise of any kind. The leading cultural institutions, transit access, job center are the shortlisted benefits of this location atop to a healthy commercial market and an abundant number of Long Island’s commercial real estate listings.

The office and commercial spaces for rent in Long Island City are focused on accessibility for its residents. Thus, most of them are located on the commercial arteries of the city. The start stocks reside along the highway that connects the district with Queens and Manhattan, making it easier for employees to commute. Northern Boulevard and Sunrise Highway, as well as the clusters along the Long Island Railroad, are the most densely populated by office jerks. The lack of explosive potential, as well as low volatility, slow down the growth of the market for commercial property for rent in Long Island. Slow-moving lease fees are impacting the selling prices, which have dropped since the recovery. The asking rates in Long Island City have reached their all-time heights regardless of their relative affordability if compared with Brooklyn and Manhattan. Its total availability rate approximates 2%. Currently, the commercial real estate in Long Island City is open to 8.7 million sq.ft. of commercial and industrial space, with an addition of 6 million, coming along by 2021. The commercial real estate in Long Island is marked by the Hauppage Industrial Park, one of the biggest in the nation and a platform for thousands of companies and jobs.

The city is largely inhabited by an aging population with a steady upscale median household income that supports ample spending and low-skilled jobs in retail trade, leisure, and hospitality. Metro’s major employer is Northwell Health System, with more than 60,000 associates onboard. Given the older-than-average population, the health care services market will definitely expand, and, thus, it is worth a second glance of those looking for business opportunities. The metro is also home to two large universities, SUNY Stony Brook and Hofstra. Organic growth and prosperity of Long Island are echoing the humming economy of New York itself. The city headquarters two Fortune 500 companies: Henry Schein and Cablevision Systems. A strong computer presence is marked by the Motorola and Dealertrack Technologies, who have also landed here.