Long Island’s office market made strides during the second half of 2021 towards its recovery and return to the office, however it continued to experience temporary disruptions with the emergence of the omicron variant.
After recording positive absorption for the first time since the beginning of the pandemic last quarter, the market once again experienced a slight minor set back as newly available space hit the market.
After having posted positive absorption the previous quarter, Long Island registered 2,191 SF of negative net absorption in the fourth quarter. As such, the availability rate remained flat at 11.3% for a second consecutive quarter.
The average asking rent also saw little movement this quarter and did not deviate from the $27.00/SF mark. The average asking rent for the Long Island submarket saw a $0.41 increase from the previous quarter and now stands at $27.76/SF, while class A space is asking a 9.5% premium at $30.38/SF.