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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $26.76
Vacancy Rate (%) 9.3%
Net Absorption (SF) -40,589

The Long Island commercial office market continues to show steady improvement. The vacancy rate ended the quarter at 9.3%, which is just 10 basis points above where it was at the end of the third quarter and 40 basis points below the end of 2016. This falls well below the 10-year average of 11.3%. With the lack of high-quality space and only 61,968 square feet in the construction pipeline, the scarce Class A blocks will remain the most sought-after space, especially in the prime markets. With the lack of available space and rents continuing to trend upward, no deals above 40,000 square feet occurred this quarter.

Long Island Industrial Market

Average Asking Rent (Price/SF) $11.08
Vacancy Rate (%) 3.2%
Net Absorption (SF) 399,028

During the fourth quarter of 2017, the Long Island industrial market reported a low vacancy rate of 3.2%, down 20 basis points from 3.4% last quarter. The largest lease of the quarter was a 140,000 square foot deal signed by Amazon Fresh at 80 Grumman Boulevard in Bethpage. With vacancy so low in this already tight market, competition for space is intensifying, as more manufacturing and distribution companies continue to migrate from Queens and Brooklyn.

Long Island Office Market Report
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Long Island Industrial Market Report
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