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Q3 2021 Long Island Office Market Report

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The anticipated post Labor Day return to the office was disrupted by the Delta variant as many companies pushed their target days further out or left them undecided. While this has delayed the re-population of office buildings as flexible work from home programs resume, the Long Island off market recorded positive absorption for the first time since the beginning of the pandemic.

After recording five consecutive quarters of negative net absorption, Long Island posted 305,363 SF of positive net absorption in the third quarter. As such, the availability rate improved by 90-basis points to 9.2%. As has been the case the past two years. The average asking rent remained relatively flat this quarter and did not deviate from the $27.00/SF mark. The average asking rent for the Long Island submarket was $27.35/SF, while class A space is asking a 9.6% premium at $29.98/SF.