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Long Island Office Report 4Q 2019

2019 marked another healthy year in the Long Island Office Market. Gross domestic product (GDP) growth increased approximately 2.1% to $21,542.5 billion in Q3 2019. Long Island’s GDP increased roughly 2.0% to approximately $160 billion, representing 0.74% of the US GDP. It is predicted that GDP growth would fall in the range of 1.5% and 2.0% in 2020. The labor market remained tight with a record low unemployment rate. High cost of living and doing business on Long Island and uncertainties about the trade wars will slow the regional economic growth. Nonetheless, Long Island’s local economy remains healthy. Interest rates remain low at the Federal Reserve’s target range of 1.5%-1.75%.