Long Island Office Report 2Q 2020

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The US economy has been hard hit with a significant drop in Gross Domestic Product (GDP) with a record low rate of negative 5 percent under the global pandemic. The closure of all non-essential businesses has slowed the Long Island office sale and leasing activities although signs are showing activities have been picking up recently with the reopening of businesses in Phase 4. Long Island’s unemployment rates dropped to 12.2% in May and 12.9% in June, falling from the record rate of 16.1% in April, which resulted in more than 407,000 unemployment since the pandemic. There will be changes in office landscapes and behaviors, with implementing social distancing practices, hygiene protocols, upgrades in MEP Systems and air filtration. New York City based companies, large financial institutions in particular, have started looking for satellite offices in the Tri-state suburban markets, however Long Island might not be on the top list due to limited office supply and transportation considerations.


Long Island Office Market Report

Long Island Office Report 2Q 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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