Joshua Weinkranz: Where are we now, where are we headed and where are the opportunities?

Long Island retail real estate has the benefit of being located in a supply constrained market. According to Costar, Long Island has roughly half of the retail real estate per capita (24.25 s/f vs. 41.20 s/f) as compared to the rest of the nation on average. This lack of supply has helped insulate Long Island from high vacancy rates and unusually low rents during the past recession. Today on Long Island, partially from an improving economy and limited new supply, occupancy is increasing, rents are rising and everyone is cautiously optimistic about the future. There are retail acquisition opportunities in the market for property owners with access to capital. Retailers are expanding again if they can find the right space. We are seeing many new deals in categories such as the big box discounters, health clubs, fast casual restaurant franchises and specialty grocers. Joshua Weinkranz is the vice president - northeast region at Kimco Realty Corp.