Long Island City Office Market
| Average Asking Rent (Price/SF) | $52.08 |
| Availability Rate (%) | 29.8% |
| Net Absorption (SF) | -263,746 |
Long Island City recorded more than 1.6 million square feet of negative absorption at year-end, marking a record low for this market. In the fourth quarter, 295,000 square feet of additional sublease space from Macy’s came online at the JACX and helped drive negative absorption for the seventh consecutive quarter. The retailer is now marketing their full 625,000-square-foot lease at 1 Jackson Avenue and in two podium floors as part of their plan to contract their New York City footprint.
Download Long Island City Office Market Report 4Q20