Long Island Office Market
Fourth quarter vacancy stood at 10.6%, down 130 basis points year over year and at its lowest level since 2021. Total available space decreased 154,820 square feet in the fourth quarter, bringing the office availability rate to 12.0%, the market’s lowest level since the fourth quarter of 2020. Asking rents increased $0.55/SF to $33.13/SF marking 16.5 increase from the same period last year. Fourth quarter asking rents remain 22.1% higher than the 10-year average.
Long Island Industrial Market
Long Island industrial vacancy rose in the fourth quarter of 2025, up 30 basis points from 2024 year-end to 6.0%, the highest level since 2010. Average asking rent decreased $0.06/SF from the same period last year to $16.59/SF but remain elevated compared to historical levels. For full-year 2025, Class A leasing totaled 414,778 square feet, an 18.2% decrease from 2024. Class A activity accounted for just 11.0% of total industrial leasing, the market’s lowest share since 2021. Available sublease space rose 21.2% quarter-over-quarter to 881,162 SF and remains 43.0% above its long-term average. The increase was driven by the addition of multiple 20,000-SF blocks.