Long Island City Office Market
| Average Asking Rent (Price/SF) | $52.09 |
| Availability Rate (%) | 28.9% |
| Net Absorption (SF) | -23,150 |
The pipeline of potential new development continued to build in Long Island City despite another quarter of lackluster activity in the market. While no major leases were announced, the availability rate is holding firm, up just 10 basis points quarter-over-quarter to 28.9%. The market’s supply of sublease space has been stable for three consecutive quarters, with Macy’s 632,231-square-foot sublease at the JACX still accounting for the bulk of that supply.
Download Long Island City Office Market Report 2Q21