Increased amount of space available in LIC is not a concern, experts claim
Even though there has been a significant increase in construction projects in Long Island City, experts say there is no need to worry about oversupply, especially when it comes to office space. According to them, only now the city of New York is reaching pre-September 11 numbers when it comes to this particular genre of real estate. The city not only lost World Trade Center but many office spaces where transformed into other type of buildings, resulting in a significant loss in this area.
A panel was held last week at the Factory (30-30 47th Avenue), hosted by Bisnow. The discussion centered around the neighborhood of Long Island City, and panelists expressed their concerns and hopes. When it comes to concerns, they are aware the neighborhood has a parking problem and the subway leves much to be desired, but at the same time they have no doubts tenants will eventually fill all the spaces that are being developed right now.
The vice chair at Newmark Knight Frank, Brian Waterman, made a point to highlight a current issue that even though it is important, it is not permanent, as far as he is concerned. The problem in question is that the average size of a new tenant is 19k square feet, a significantly smaller amount than the space available in most of the buildings. Waterman said there has not been a lot of trades, but the situation will be reversed in the coming two or three years.
Elizabeth Lusskin, the president of the Long Island City partnership, acknowledged many employers are hesitant when it comes to moving their business to the borough of Queens, but they are taking more and more chances as time passes. For Lusskin, Queens has the same potential Brooklyn has when it comes to young, creative talent. Brooklyn and its hipster reputation overshadow Queens, but that does not mean the activity and creativity are not there. People talk a lot about the creative class that call Greenpoint and Williamsburg their home and in that conversation they have overlooked Queens. [The Real Deal]