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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $26.01
Vacancy Rate (%) 8.8%
Net Absorption (SF)  -450,574

The commercial office landscape on Long Island finds itself in a state of uncertainty as governments have enacted preventative measures to combat the spread of the COVID-19 virus. Company layoffs, in addition to remote workforce transitions, are complications influencing leasing velocity. The impacts of the current crisis are not yet visible in market statistics, but tours and other activity are down, while many decisionmakers press pause on location decisions. Overall vacancy in the first quarter of 2020 was reported at 8.8%, up 40 basis points from last quarter. Median asking rents in Nassau and Suffolk Counties decreased from $26.21/SF to $26.01/SF at the start of the year.

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
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Long Island Industrial Market Report
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