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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $25.96
Vacancy Rate (%) 8.9%
Net Absorption (SF) -86,484

The Long Island commercial office market remains strong with an 8.9% vacancy rate, a 20-basis-point improvement from a year ago. This is also 190 basis points below the 10-year average. Low availability and increased leasing activity in previous quarters have made this a very tight market for tenants looking for space. Overall average asking rents decreased from $26.85/SF in the prior quarter to $25.96/SF at the end of March. This is 6.2% below the national average asking rent of $27.68/SF.

Long Island Industrial Market

Average Asking Rent (Price/SF) $11.27
Vacancy Rate (%) 3.1%
Net Absorption (SF) 116,043

The Long Island industrial market reported a low vacancy rate of 3.1%, down from 3.2% at this time last year as well as from the fourth quarter of 2017. In order to incentivize more tenants to move to Long Island from Queens and Brooklyn, municipal incentives reduce taxes as well as the overall operating costs for these companies. A growing jobs market, advantageous size of industrial buildings and healthy economic fundamentals are all factors that appeal to industrial tenants looking to move into or expand their footprints within the area.

Long Island Office Market Report
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Long Island Industrial Market Report
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