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Long Island Market Reports

Long Island Office Market

Average Asking Rent (Price/SF) $25.53
Vacancy Rate (%) 9.0%
Net Absorption (SF) -84,634

The Long Island commercial office market remained steady in the first quarter of 2019. Overall vacancy was reported at 9.0%, up 30 basis points from last quarter but still below the five-year average of 9.4%. Competition among tenants seeking Class A office space remains a defining factor, especially in the desirable Western and Central Nassau submarkets. The lack of space is forcing businesses to look to Suffolk County, particularly Melville, for buildings with large enough floor plates to hold their operations. The Class A vacancy rate in Melville is 10.4%, compared with 5.0% for similar buildings in Western Nassau. Overall asking rents decreased to $25.53/SF from $25.99/SF at the end of last year.

Long Island Industrial Market

Average Asking Rent (Price/SF) $12.20
Vacancy Rate (%) 3.6%
Net Absorption (SF) -206,946

The Long Island industrial market reported a low vacancy rate of 3.6% in the first quarter of 2019. Although vacancy levels are 70 basis points higher from 2.9% a year ago, strong demand for industrial space continues to drive up rental rates. Asking rents have ticked up significantly in recent years, averaging a combined $12.20/SF for Nassau and Suffolk counties. This is the 12th consecutive quarter in which asking prices have risen, equating to a 24.0% increase from three years ago. With tenants still struggling to find new space, many have opted for renewals of their existing footprints.



Long Island Office Market Report
1Q19
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Long Island Industrial Market Report
1Q19
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