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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $26.18
Vacancy Rate (%) 10.0%
Net Absorption (SF) 62,238

Long Island's commercial office market had a solid second quarter in 2017. Vacancy increased to 10.0%, up 20 basis points from 9.8% last quarter and well below the 11.5% average of the past five years. Despite the slight increase in available space, the market remains well below the average national vacancy. Overall rents dropped slightly from $26.51/SF to $26.18/SF, year-over-year.

Long Island Industrial Market

Average Asking Rent (Price/SF) $10.97
Vacancy Rate (%) 3.4%
Net Absorption (SF) 52,484

The Long Island industrial vacancy rate remained flat this quarter at 3.4%, which is the same as it was at the end of the second quarter of 2016. The industrial market continues to be fueled by the strong job market, growing economy and continuing influx of companies from Brooklyn and Queens. Companies unable to afford the space they need in those markets can find well-priced spaces that are large enough to house their operations and close to their customer base on Long Island.

Long Island Office Market Report
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Long Island Industrial Market Report
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