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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $26.47
Vacancy Rate (%) 8.4%
Net Absorption (SF)  -231,572

The Long Island commercial office market moderated at the end of 2019 following a strong year overall. The vacancy rate finished at 8.4%, 30 basis points higher than at the end of the third quarter. Class B inventory experienced the largest increase of added space, driving quarterly absorption to negative 231,572 square feet. High construction costs and a lack of available land discouraged the construction of new office buildings, leading to greater competition between tenants seeking quality space. The average asking rent steadily increased every quarter this year, finishing at $26.47/SF, up 1.7% from the first quarter of 2019.

Long Island Industrial Market

Average Asking Rent (Price/SF) $12.64
Vacancy Rate (%) 3.6%
Net Absorption (SF)   -542,730

During the final quarter of 2019, the Long Island industrial market reported a vacancy rate of 3.6%, up 30 basis points from last quarter. Robust demand has created a tight market and driven up rents during this economic cycle, but net negative absorption levels and uncertainty within the U.S. economy could be a precursor to a slower-moving market in 2020. Although Suffolk County inventory accounted for the majority of added space this quarter, leasing activity in the county increased 3.0% year over year. Overall asking rents rose 5.8% from last year to finish at $12.64/SF.



Long Island Office Market Report
4Q19
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Long Island Industrial Market Report
4Q19
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