Al Centrella: Where are we now, where are we headed and where are the opportunities?

We're at a standstill; we're no further worse and no further better than we were two years ago. Although, we are starting to see many retailers that are looking to open additional stores or new stores here on Long Island. Long Island has a bright future, as there are many projects that are underway in Nassau and Suffolk that will only benefit future employment opportunities, and in turn the Long Island economy. The former Avis Rent-A-Car headquarters in Westbury is a prime example of how the new construction of 330,000 s/f of retail, banking and restaurant development is expected to result in hundreds of new jobs. In Suffolk County, the development of Canon U.S.A.'s new North and South American headquarters in Melville is an impressive 700,000 s/f that is said to bring 2,000 immediate future jobs to the area. Also, the former Huntington Townhouse in Huntington was sold to Lowe's in June 2008 and the new construction is finally underway for a 103,000 s/f store and 26,500 s/f garden center. The new Lowe's is expected to create 125 new jobs and invest over $16 million into the community. With the expected increases in employment in both counties, we can anticipate that it will have a direct effect in our local economy as well. I believe that retail has the largest potential for growth. That may not be what everyone wants to hear, but it is the most active market to date. Al Centrella is a principal at NAI Long Island, Melville, NY