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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $26.03
Vacancy Rate (%) 8.1%
Net Absorption (SF)  232,522

Long Island's office market strengthened in the second quarter of 2019, as net absorption saw strong gains while rental rates held steady. Vacancy decreased to 8.1%, down 50 basis points from 8.6% last quarter while equaling year-over-year levels. Overall rents grew slightly to $26.03/SF, from $25.71/SF in the previous quarter.

Long Island Industrial Market

Average Asking Rent (Price/SF) $12.47
Vacancy Rate (%) 3.6%
Net Absorption (SF)  -9,685

Vacancy remains very low but has ticked upward since hitting a historic low of 2.9% five quarters ago. Long Island finished the quarter with vacancy at just 3.6%. A combination of limited inventory, increased demand among local businesses and an influx of companies from New York City's outer boroughs pushed up rents. Rental rates averaged $12.47/SF during the second quarter, up 2.0% from $12.22/SF in the prior quarter and 8.3% year over year.

Long Island Office Market Report
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Long Island Industrial Market Report
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