Long Island Office Market
| Average Asking Rent (Price/SF) | $27.99 |
| Vacancy Rate (%) | 10.8% |
| Net Absorption (SF) | -359,318 |
Long Island market fundamentals improved significantly in the third quarter. Ridership on the Long Island Rail Road surpassed 200,000 for the first time since March 2020 in mid-September. However, the vacancy rate increased by 80 basis points quarter over quarter, closing at 10.8%, driven by four large-block additions of more than 75,000 square feet. The Long Island vacancy rate remains 280 basis points above pre-Covid levels. Long Island average asking rents ticked up by $0.10/SF, or 0.4%, from the second quarter to $27.99/SF. Overall asking rents remain up $2.23/SF, or 8.7%, from pre-Covid levels.
Download Long Island Office Market Report 3Q22Long Island Industrial Market
| Average Asking Rent (Price/SF) | $15.56 |
| Vacancy Rate (%) | 4.2% |
| Net Absorption (SF) | -672,326 |
Asking rents continued to soar in the third quarter, closing September at $15.55/SF, the highest level recorded. Asking rents have increased 23% since the start of the pandemic, largely due to the increased demand for space. The vacancy rate rose to 4.2%, a quarter-over-quarter increase of 60 basis points. This jump can be attributed to the new supply that came to market. A total of 803,983 square feet delivered this quarter, bring year-to-date deliveries to 1.4 million square feet. Net absorption posted at negative 526,645 square feet, the first time in seven quarters.
Download Long Island Industrial Market Report 3Q22