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Market Trend: Long Island's Retail Vacancy Stays at 4.5%

Net Absorption Positive 250,884 SF in the Quarter
May 29, 2012
The Long Island retail market did not experience much change in market conditions in the first quarter 2012.

The vacancy rate went from 4.5% in the previous quarter to 4.5% in the current quarter. Net absorption was positive 250,884 square feet, and vacant sublease space decreased by 36,095 square feet.

Tenants moving into large blocks of space in 2012 include: Shop Rite moving into 67,503 square feet at 15-107 - 15-109 Middle Country Rd; Ultimate Fitness moving into 53,500 square feet at 10 Robinson Ave; and Lowes Companies, Inc. moving into 36,951 square feet at 124 E Jericho Tpke.

Quoted rental rates decreased from fourth quarter 2011 levels, ending at $26.05 per square foot per year.

A total of five retail buildings with 201,348 square feet of retail space were delivered to the market in the quarter, with 748,166 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. national retail vacancy rate, which stayed at 6.9% from the previous quarter, with net absorption positive 9.53 million square feet in the first quarter.

The information in this news report is based on CoStar’s First Quarter 2012 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.
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