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Q3 2022 Long Island Industrial Market Report

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Long Island’s industrial market continues to be robust, in demand, and correspondingly the market experienced 350,269 SF of positive absorption.

However, after quarter-upon-quarter of record-setting volume, it appears that there has been a slight easing off the accelerator, as there was once again a slight decline in leasing activity and the availability rate increased 60 basis points quarter-to-quarter to 4%. Long Island’s average asking rent continued its upward trend and was 4.44% higher than the second quarter, with an average asking rate of $15.29/SF.

A major contributing factor to the increase in total available space was the delivery of the vacant 235 Pinelawn Road in Melville which contributed more than half of the 935,448 SF quarterly increase in total available space in Long Island. Luckily, the delivery of an additional three fully-occupied buildings totaling 685,734 SF and strong leasing activity helped offset this and resulted in positive net absorption.

 

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Q3 2022 Long Island Industrial Market Report

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Lars Remole

Research Analyst

Stamford

Responsible for providing research and analytical services for all the brokers in the Fairfield/Westchester County and Long Island markets to ensure appropriate positioning, informed actions, strategic targeting, and smart decision-making.

Collect and analyze market information and economic events.

Produce market publications, research papers, requests for proposals, and ad hoc reports.

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