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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $26.38
Vacancy Rate (%) 9.2%
Net Absorption (SF) 226,515

The commercial office market on Long Island remained healthy in the third quarter of 2017. The drop in availability in an already tight market led to a quarter of tepid leasing activity. The vacancy rate decreased to 9.2%, down 80 basis points from 10.0% last quarter. This is also 2.1% below the 10-year average.

Long Island Industrial Market

Average Asking Rent (Price/SF) $10.85
Vacancy Rate (%) 3.4%
Net Absorption (SF) -108,684

The tight Long Island industrial market reported a low vacancy rate of 3.4%, up 20 basis points from 3.2% in the third quarter of 2016. The local government continues to incentivize companies to relocate from Queens and Brooklyn, in an effort to increase the number of industrial occupants choosing Long Island as a base for their operations. The healthy economy and growing jobs market are both factors that appeal to the large manufacturing and distribution companies that are moving into or expanding within the area. The largest lease of the quarter was a renewal by Summit Manufacturing for 167,718 square feet at 100 Spence Street.

Long Island Office Market Report
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Long Island Industrial Market Report
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