Avison Young in Long Island
Avison Young entered the Long Island market in 2013 to expand the company’s market presence in the northeast. The Long Island operations’ integrated platform includes best-in-class expertise and support across all industry sectors, including tenant representation, landlord representation, capital markets, property management and project management.
|Transaction Management||Landlord Representation|
|Tenant Representation||Investment Sales|
|Consulting and Advisory||Debt and Equity|
|Facility Management||Note Sales|
|Project Management||Property Management|
|Enterprise Solutions||Investment and Asset Management|
|Valuation and Advisory|
Long Island is located in the southeast part of New York state, adjacent to New York City and stretching out into the Atlantic Ocean. Totaling 1,198 square miles of land area, Long Island is divided into two counties, Nassau and Suffolk. With a census-estimated population of 2.8 million, Long Island is the most populated island in any U.S. state or territory, and the 17th-most populous island in the world. Nine bridges and 13 tunnels (including railway tunnels) connect Brooklyn and Queens (two boroughs which are connected to Long Island) to the three other boroughs of New York City. Ferries connect Suffolk County northward across Long Island Sound to the state of Connecticut. Leading industries include financial services, construction, manufacturing, trade, transportation and utilities, professional and business services, healthcare, and leisure and hospitality.
The Long Island market, which is larger than most suburban markets, is comprised of 63 million square feet of office space. Despite some significant positive gains and recovery from a major hurricane, Long Island’s economy remains sluggish, but is improving. Nassau and Suffolk counties have the fastest-growing economies in New York and private-sector jobs have grown at the fastest rate of any metro area in the state. Long Island has now gained back all of the jobs it lost after the financial crisis and added over 20,000 more.
The Long Island market is challenging due to its high demand for high-end retail space and strong demographics in varying areas of the island. Long Island offers one of the lowest retail square footages per capital in the country, second highest market to the perimeter boroughs of New York City.
Long Island is a unique industrial real estate market comprising of over 200 million square feet. It is surrounded by the Long Island Sound and the Atlantic Ocean, and has limited access through New York City by trucks over bridges, limited train access and a very limited number of ports for sea access. Long Island was once the cradle of aviation and provided room for expansion of industrial and warehouse space as New York City was transforming into the financial capital of the world, driving up prices on industrial real estate in the five boroughs.