MARKETVIEW: LONG ISLAND OFFICE, Q3 2020

Market Report provided by CBRE
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Amid an uncertain, COVID-19 impacted economic slow-down and presidential election period, the Long Island office market had a sluggish third quarter. Limited leasing activity and a surge of new space becoming available led to a second consecutive quarter of negative net absorption totaling 177,000 sq. ft. Additionally, with just 322,000 sq. ft. of leasing activity, Long Island fell 29% below its five-year quarterly leasing average and 9% below Q2 2020. New space coming available contributed to a 60-bps increase in the availability rate quarter-over-quarter to 11.2%, back to the same level recorded a year ago. The overall average asking rent remained relatively stable quarter-over-quarter, finishing Q3 2020 at $28.33 per sq. ft.

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