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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $26.03
Vacancy Rate (%) 8.7%
Net Absorption (SF) -97,830

Despite a strong investment sales climate and historically low vacancy, office rents have decreased, while vacancy rates are on the rise. Since the beginning of 2018, overall vacancy has steadily increased by 60 basis points, finishing the year at 8.7%. Even with this upward trend, vacancy is still well below the 10-year average of 10.5%. Class A blocks remain the most sought-after spaces, especially with only two new office buildings currently under construction. Office availability rates sit at 10.8% for Nassau County and 13.8% for Suffolk.

Long Island Industrial Market

Average Asking Rent (Price/SF) $11.98
Vacancy Rate (%) 3.5%
Net Absorption (SF) -99,323

Supply in the Long Island industrial market remained tight during the final quarter of 2018, High property values in Brooklyn and Queens convinced more business owners to move their operations to Long Island. As a result, overall vacancy ended the year at 3.5%, 130 basis points below the national index of 4.8%. Furthermore, the arrival of Amazon in Long Island City could drive price sensitive tenants eastward in search of value. This may generate additional demand in a supply-constrained market.

Long Island Office Market Report
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Long Island Industrial Market Report
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