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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.


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John Obeid

Senior Director, Tri-State Suburban, Research

Parsippany

John Obeid leads the research operation for the NJ office of Colliers International as Senior Director of Research.  With more than 8 years of experience in the commercial real estate industry, John’s research expertise spans across multiple business lines, including office, industrial and retail.

John joined Colliers International in 2014 and is primarily focused on creating a business development strategy in research with a concentration on analytics and output. He is responsible for monthly and quarterly market reports, quarterly market reports and overall maintenance of the company’s research databases. He also coordinates with all of Colliers’ business lines to extract appropriate market data to conduct asset-level analysis for Colliers’ clients. Prior to joining Colliers John led the New Jersey research department at CBRE.

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