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Long Island City Market Reports

Long Island City Office Market

Average Asking Rent (Price/SF) $46.21
Availability Rate (%) 26.0%
Net Absorption (SF) -17,068

Vacancy dipped below 15.0% for just the second time in five quarters, ending the third quarter at 14.4%, a decrease of 110 basis points from the second quarter. However, recent developments have caused a significant increase in availability, which ended the third quarter at 26.0%, up from 8.9% five years ago, and from 14.6% at the beginning of 2018. This increase was driven by new construction and repositioned assets. RBA has now increased for the third straight quarter in Long Island City. A large block of space at One Court Square was added to availability during the second quarter, which also contributed to the increases during 2018. Availability held steady quarter-over-quarter.

Long Island City Office Market Report
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