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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $25.80
Vacancy Rate (%) 8.7%
Net Absorption (SF) -133,353

Long Island's office market continues to post record low vacancy rates. Although vacancy ticked up slightly during the second quarter of 2018, increasing 20 basis points to 8.7% from 8.5% in the first quarter, year-over-year vacancy decreased 40 basis points. This marks the third straight quarter with a vacancy rate of less than 9.0% and the 11th straight quarter with a vacancy rate of less than 10.0%.

Long Island Industrial Market

Average Asking Rent (Price/SF) $11.59
Vacancy Rate (%) 3.2%
Net Absorption (SF) -278,375

The Long Island industrial market is exceedingly tight with a vacancy of 3.2% at the end of the second quarter of 2018, up from 3.1% last quarter and stable over the prior year. Rents continue to tick upward, averaging $11.59/SF during the second quarter, up 2.8% from $11.27/SF in the prior quarter and 6.6% year-over-year. Hauppauge continues to have the lowest vacancy among Long Island submarkets at just 2.4%, down from 2.9% last quarter.



Long Island Office Market Report
2Q18
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Long Island Industrial Market Report
2Q18
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