• 01.18.24

    LIBN: Thinking outside the box – What’s in store for large LI retail spaces

“Some stores became very saturated,” says Ken Breslin, principal at Breslin Realty Development Corp. in Garden City. The company manages a portfolio of about 30 commercial properties, totaling over 10 million square feet. “When they opened infill stores, they lost margins. When you combine that with online shopping, it all applies pressure, causing vacancy.”

Breslin says occupancy costs are another major driver of big-box vacancies. “Real estate taxes, particularly on Long Island, are incredibly high,” he says. “Originally, retailers came to Long Island because of high sales volumes, due to the population density. But now, with the increase in density throughout the southern United States, retailers have ample opportunities to move to places with comparable sales volumes and lower expenses.”

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