Long Island Office Market
| Average Asking Rent (Price/SF) | $27.61 |
| Vacancy Rate (%) | 9.9% |
| Net Absorption (SF) | -168,777 |
Market fundamentals have remained relatively stable in Nassau and Suffolk counties over the past quarter. The vacancy rate increased by 20 basis points quarter over quarter, closing at 9.9%. Long Island average asking rents were down $0.79/SF, or 2.7%, from the fourth quarter. However, asking rents remain up $1.85/SF, or 7.1%, from pre-pandemic levels. Absorption posted at negative 168,777 square feet following two consecutive quarters of positive absorption.
Download Long Island Office Market Report 1Q22Long Island Industrial Market
| Average Asking Rent (Price/SF) | $14.56 |
| Vacancy Rate (%) | 3.4% |
| Net Absorption (SF) | 187,027 |
The Long Island vacancy rate declined 10 basis points quarter over quarter to 3.4%, its lowest point since the fourth quarter of 2019. This marks a year-over-year decline of 140 basis points. The low vacancy rate has been a function of strong demand in the market, which has outpaced supply over the past year.
Download Long Island Industrial Market Report 1Q22