COMMERCIAL MARKET ON THE NORTH FORK- More than what meets the eye

Over the years that we have been doing business on the North Fork we have been involved in a number of very large and small commercial transactions.  The North Fork is a resort area with wonderful natural resources, vineyards and farms, and creek, bay, and sound front shorelines that attract visitors, who see what we see and want to stay.  This supports the residential real estate market, but the commercial ventures are what sustain the level of business that makes everything work. Without the jobs created by the commercial activities – farms, vineyards, breweries, food establishments, restaurants, service businesses, shops, Tanger outlets, boating, fishing, etc. – we would not flourish, we would not see our real estate values sustained, and we would see a decline in business, property values, population and all the related activities.

In recent years we have seen a slow but steady level of growth in the commercial real estate market.  But in the last year or so, the growth has accelerated.  It’s all good – new businesses, new ideas, make our communities flourish and bring jobs and prosperity to the community.  Hopefully, our younger people will be able to find good jobs with the new businesses and stay in the community.

Buying or leasing commercial space is not the same as buying a home.  The investment metrics are pretty cut and dry, but the vision and passion of the entrepreneur is what drives a deal and eventually makes for success.  Often, a new idea meets with skepticism, and push back just because it’s different.   It has happened that someone, who may want to open a restaurant, or build senior housing, or other type of business venture, meets with months and years of bureaucratic red tape. Unfortunately, good, competent, sincere, business people go away, rebuffed and discouraged, having spent precious time and money to no avail.

               If we are to continue to sustain our local economy, it must grow.  We must embrace new ideas, new businesses that support our way of life, but not restrict growth or be afraid of change. Local legislation should be supportive, not restrictive or punitive.  It’s time for a breath of fresh air to fill the lungs of all our elected and appointed officials.  Listen to your constituents! You can and should protect our way of life but not by closing the door to new fresh ideas or restrictive town code. Do what is right.  Go forward not backward.