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Long Island City Market Reports

Long Island City Office Market

Average Asking Rent (Price/SF) $42.83
Availability Rate (%) 22.8%
Net Absorption (SF)   -101,376

The third quarter marked a slowdown in leasing activity from last quarter's record pace yet included several notable transactions. The New York Times signed 57,846 square feet at Court Square Plaza, 24-01 44th Road, and will relocate 350 employees from its namesake building in Times Square, marking one of Long Island City's largest relocations from Manhattan. The New York City Department of Health & Mental Hygiene signed the largest deal of the quarter, taking 79,671 square feet at The Factory, 30-30 47th Avenue. Other signs of confidence in the market include Ralph Lauren's renewal of 12,372 square feet in 47-25 34th Street and, in the quarter's third-largest transaction, Maquette Fine Art Services' 46,860-square-foot expansion into 48-49 35th Street. Uber will maintain its Long Island City presence in addition to the 307,970 square feet the company leased this quarter at 3 World Trade Center. Uber currently occupies 33,068 square feet in The Factory.



Long Island City Office Market Report
3Q19
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