Long Island’s industrial market continues to be extremely strong and directly benefitting from the sustained growth of e-commerce sales. This has led to increased occupier demand for industrial space which caused pricing to increase and the availability rate to consequently decrease.
During the first quarter, there was over 1.0 MSF of leasing activity and the availability rate decreased 30-basis points quarter-to-quarter to 3.1%. As the industrial supply in the Long Island market becomes constrained, the quarter exhibited 339,381 SF of positive net absorption.
