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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $26.14
Vacancy Rate (%) 8.7%
Net Absorption (SF) -140,195

Availability in the Long Island commercial office market remains tight, resulting in a vacancy rate of 8.7% this quarter. Although vacancy rates jumped 30 basis points from 8.4% in the second quarter, this only marks an increase of 10 basis points year-over-year. Vacancy has now remained below 9.0% for a full two-year stretch.

Long Island Industrial Market

Average Asking Rent (Price/SF) $11.76
Vacancy Rate (%) 3.4%
Net Absorption (SF) -243,360

Competition remains high in the Long Island Industrial market, as a vacancy rate of 3.4% was reported in the third quarter of 2018, an increase of 20 basis points from the previous quarter and equal to year-over-year statistics. Asking rent for industrial space continues to escalate, averaging $11.79/SF, an 8.2% year-over-year increase and up 20 basis points from $11.51/SF in the second quarter of this year. The combination of short supply and strong demand are contributing to higher rental rates.

Long Island Office Market Report
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Long Island Industrial Market Report
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