In the last few years, there has been a steady demand and supply of commercial property in Long Island, New York. This has contributed to the overall stability of the commercial market. Real estate developers are confident about the economy and they are steadily acquiring commercial property in Long Island. In the last year or so, construction of commercial property has added around 600,000 square feet to the supply. 

About Long Island
Long Island, New York, is the 6th wealthiest place in the United States. It has 7.5 million residents, and is on the southwestern tip of New York State, east of Manhattan. Comprising of four counties - Nassau, Suffolk, Queens and Brooklyn / Kings County, its economy is controlled by more than 90,000 commercial establishments. No wonder the market for commercial property in Long Island remains in great shape. 

Commercial property in Long Island has the potential to grow as the fourth central commercial and business district, after Midtown and downtown Manhattan, and downtown Brooklyn. With Citigroup, its commercial properties, and other commercial establishments like Metropolitan Life, Long Island is one of the favorite commercial neighborhoods in New York.

Market for commercial property in Long Island is getting stronger, and it is a great place for new offices. Steady demand for office space combined with limited supply is a great combination for the health and stability of the market for commercial property in Long Island. With the real estate developers remaining bullish, the over all commercial outlook in the real estate market is very optimistic. 

The interest rates and improving economy have increased the demand for industrial properties. As the office market improves, developers are building and redeveloping speculative properties. 

Banks and Commercial Property in Long Island 
Boosted by good land prices and demand for commercial property, many Long Island banks have increased their commercial real estate lending. Banks such as State Bank of Long Island, North Fork Bancorp, Astoria Federal Savings, New York Community Bank, Commerce Bank and State Bank of Long Island all have increased their commercial lending for commercial property in Long Island. 

Commercial real estate lending by the banks is a good way to judge the pulse of the commercial property market. Seeing the tremendous amount of potential for commercial property in Long Island, State Bank has more than $500 million in commercial real estate loans, and Bank of America has more than $2.5 billion in commercial real estate loans in Long Island and other cities in New York. Seeing the potential of real estate growth in commercial property in Long Island, Citibank had, a few years ago, acquired European American Bank, which was a large player in the commercial real estate market in Long Island. 

Healthy Economy and Long Island Commercial Market
The growth of business confidence in Long Island is reflected by the increase in commercial real estate market. Long Island offers quality commercial space at prices more affordable than Manhattan, despite its nearness to it. Commercial property in Long Island offers top class office space at $20 to $25 a square foot less than in New York City. 

The growth of commercial property in Long Island is from companies which have been long time residents that require additional property for expansion or growth. Smart real estate investors are always on the look out for quality office and commercial space, and for this reason the commercial real estate property in Long Island continues to grow stronger. Long Island offers these large institutional owners or individual investors just that �world class quality office and commercial space.

Aware of the healthy commercial market on Long Island, many big real estate players have entered the fray. Several sites that have been approved for development, and have been developed are:

•  Marcus Avenue in Lake Success - 260,000 square feet

•  EAB Plaza in Uniondale - 350,000 square feet

•  Roosevelt Centre in Westbury - 1.15 million square feet

•  Old Country Road in Plainview - 400,000 square feet

•  South Service Road of the Long Island Expressway in Melville - one million square feet

•  Motor Parkway / Moreland Road in Hauppauge - 320,000 square feet

There are many small commercial real estate investors playing the market, too. With Long Island’s economy expanding, new constructions and continued recycling and upgrading of existing buildings will meet the expanding commercial needs of Long Island.

You can also search and view the long island commercial property and investment property.

 

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