Long Island Office Market
| Average Asking Rent (Price/SF) | $27.14 |
| Vacancy Rate (%) | 10.5% |
| Net Absorption (SF) | -85,861 |
Long Island’s office market recorded a modest quarter of activity during the opening months of 2021. A large segment of office employees remains partially or completely remote due to the pandemic. Widespread uncertainty continues to dictate the office landscape, with companies trying to determine future occupancy requirements. However, as vaccine distribution gains momentum, reboarding and market activity are expected to change.
Download Long Island Office Market Report 1Q21Long Island Industrial Market
| Average Asking Rent (Price/SF) | $12.92 |
| Vacancy Rate (%) | 5.0% |
| Net Absorption (SF) | -502,653 |
Rental rate improvements and the completion of quality transactions met an overall drop in activity, rising availability and negative absorption during the latter end of 2020. A total of negative 502,653 square feet of absorption was recorded this quarter, bringing 2020 annual net absorption to negative 1.96 million square feet. Due to the influx of space being returned to the market, vacancy increased 50 basis points higher over the past three months, to finish at 5.0%. While rental growth had decelerated earlier in the year, the overall asking rent jumped 4.6% from last quarter, ending the year at $12.92/SF. The increase in availability of larger industrial spaces has driven overall averages higher as landlords are still seeing enough demand to resist lowering prices.
Download Long Island Industrial Market Report 4Q20