Long Island is an island in the southwest part of New York state, adjacent to Manhattan and stretching out into the Atlantic Ocean. Long Island contains four counties, two of which (Brooklyn and Queens) are boroughs of New York City, and two of which are suburban (Nassau and Suffolk). With a Census-estimated population of 7,686,912, Long Island is the most populated island in any U.S. state or territory, and the 17th-most populous island in the world. Its population density is 5,402 inhabitants per square mile. Two of New York City's major airports, LaGuardia Airport and JFK International Airport, are located on Long Island, in Queens. Nine bridges and 13 tunnels (including railway tunnels) connect Brooklyn and Queens (and thus Long Island) to the three other boroughs of New York City. Ferries connect Suffolk County northward across Long Island Sound to the state of Connecticut. Leading industries include; financial services, construction, manufacturing, trade, transportation and utilities, professional and business services, healthcare and leisure and hospitality.
The Long Island market, which is larger than most suburban markets, is comprised of 63 million sf of office space. Despite some significant positive gains and recovery from a major hurricane, Long Island’s economy remains sluggish, but is improving. Nassau and Suffolk counties have the fastest-growing economies in New York and private-sector jobs grew —the fastest of any metro area in the state. Long Island has now gained back all of the jobs it lost after the financial crisis and added more than 20,000 more.
The Long Island market is challenging due to its high demand for high-end retail space and strong demographics in varying areas of the island. Long Island offers one of the lowest retail square footages per capital in the country, second highest market to the perimeter boroughs of New York City.
Long Island is a unique industrial real estate market comprising of over 200 million sf. It is surrounded by the Long Island Sound and the Atlantic Ocean, and has limited access through New York City by trucks over bridges, limited train access, and a very limited number of ports for sea access. Long Island was once the cradle of aviation and provided room for expansion of industrial and warehouse space as New York City was transforming into the financial capital of the world, driving up prices on industrial real estate in the five boroughs.