2015 Year in Review - Amanda Gorozdi

What real estate project, transaction, market trend or product had a significant impact on your industry in 2015?   With the growing trend of multifamily residential developments, developers have taken advantage of this opportunity to build in areas such as Brooklyn and Queens, especially in Long Island City. Old run down commercial or industrial properties were and still are being converted to massive multifamily residential apartments. This has resulted in an influx of industrial tenants/owners trying to find new homes for their operations on Long Island as well as other areas of the tristate region. What emerging trends will drive investment and development in 2016? There has been a rapid change in the medical and healthcare industry that has had an impact on the way the medical industry runs its operations. We’ve seen the rapid increase of urgent cares on Long Island and within the past two years hospitals have been significantly expanding their real estate portfolios. Part of hospitals portfolio expansions are due to the acquisition of smaller doctors that have had their own practice for years. This emerging trend of hospitals taking over the medical industry, along with urgent care centers, will drive investment and development on Long Island especially with the aging baby boomer population.