Long Island Industrial Report 1Q 2020

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Continuing the momentum, the Long Island Industrial Market started off a healthy year with prices hitting records. With the global coronavirus (COVID-19) pandemic and the temporary shut-down of all non-essential businesses across the country, Long Island has been effectively on hold in March. The temporary close of businesses immediately affects the labor market with roughly 26 million unemployment benefits applications in the five weeks since the outbreak across the nation. However, the current situation has pushed heavier demand in online shopping and distribution services. Online retail giants such as Amazon have been experiencing the shortage of labor and in need of much more distribution centers to support the increasing demand. Gross domestic product (GDP) growth in Q4 2019 was on par with Q3 2019 at 2.1%.

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Long Island Industrial Report 1Q 2020

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Stephen Shapiro

SR Managing Director, Director of Operations

New York

Stephen Shapiro is an Executive Managing Director in Colliers International’s New York Capital Markets & Investment Services group. He sources and executes sales and capitalizations of investment real estate in the Tri-State Region; develops investment marketing and underwriting materials including offering memorandums, investment summaries, financial models, transaction analyses and property valuations; conducts property tours and interacts with investors during the marketing and due diligence process.

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