Long Island City Office Market
| Average Asking Rent (Price/SF) | $52.26 |
| Availability Rate (%) | 28.8% |
| Net Absorption (SF) | -53,438 |
Long Island City’s availability rate decreased slightly for the first time since the fourth quarter of 2019, down 100 basis points from last quarter to 28.8%. This small decline is owed in part to space absorbed at the HUB LIC in the Factory District, after the New York City Department of Transportation announced it would be taking 192,080 square feet in a combination of office and warehouse space on the first and second floor. With DOT’s agreement, this property is now 81.0% committed. Also, Kaufman Astoria Studios announced in February that Apple TV would be occupying 90,000 square feet at 34-11 36th Street. Outside of these deals, the leasing market remained quiet, as it has during the last year.
Download Long Island City Office Market Report 1Q21