Long Island is a busy, suburban region split between Nassau County and Suffolk County. Its prime location is filled with tons of available commercial real estate in vibrant business districts, such as Melville and Mineola.
If you are thinking about renting Long Island commercial real estate, then be sure to know all of your options.
Pros and Cons of Renting Long Island Commercial Real Estate
Pros
- If you do not have the funds to put down a large down-payment upfront, then leasing may be the right option for you.
- Renting Long Island commercial real estate will provide you with more freedom, such as the ability of not having to renew a year-to-year lease.
- Long Island’s high traffic areas are located near lively communities and major roads, such as Jericho Turnpike.
- If you prefer to have an office located in a picturesque town near beautiful parks or beaches, then you have many options to choose from as well.
- With Long Island’s diverse population, there are numerous shopping districts, such as Roosevelt Field in Garden City, as well as top-notch restaurants.
- If you are a small, growing business you will have the ability to expand and move to a larger space if necessary.
Cons
- As real estate prices continue to climb, you may be spending more money each year without any return on investment.
- Alterations and changes to the building can become expensive and are not always approved by the landlord.
- If you plan on staying in the same location for a long period of time, then renting may not be the right financial decision for your business.
Nassau County vs. Suffolk County
Nassau County
- Nassau County’s commercial real estate is a hot commodity because of its sought-after location.
- It is conveniently located in the heart of Long Island with easy access to major highways and the LIRR.
- Its suburban population is one of the most educated in the United States, with the lowest unemployment rate in the region.
- The county’s top industries include retail, manufacturing, transportation, technology and film.
- Retail stores benefit from the visibility and exposure in Nassau County’s high traffic areas such as Rockville Centre.
Suffolk County
- Suffolk County is located in the easternmost part of Long Island near top beaches and quaint areas like Smithtown.
- The summer fuels a stable local economy because of the residents and visitors that populate the area.
- Since Suffolk County is further from Manhattan, commercial real estate offers more space at cheaper prices.
- Hauppauge is the home of America’s second-largest industrial park with an easily-accessible location and low cost.
