Long Island City Office Market
| Average Asking Rent (Price/SF) | $51.82 |
| Availability Rate (%) | 27.4% |
| Net Absorption (SF) | 26,492 |
The overall Long Island City availability rate dropped 120 basis points quarter over quarter, to 27.4%. Availability decreased by 270 basis points in The Factory District and by 80 basis points in Hunters Point. The large decline in The Factory District was due to 109,611 square feet of velocity in the submarket, or 84.5% of overall activity. Astoria saw a minor increase of 10 basis points from the third quarter to 20.5%, the lowest of the three submarkets.
Download Long Island City Office Market Report 4Q21