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Q2 2022 Long Island Office Market Report

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Long Island’s office market made significant strides during the second half of 2022 towards its recovery as employees continue to return to the office and demand surges from prior quarters. Leasing activity more than doubled to 988,504 square feet.

Long Island registered only 37,615 SF of positive net absorption in the second quarter, as many companies also gave back significant space, which offset the record leasing activity. The availability rate remained relatively constant and only dropped 10-basis points to 11.1%. The average asking rent hit a record high of $28.00/SF which represented a 3.28% or $0.89 increase from the previous quarter. The flight for quality trend continues as Class A space bifurcates itself from Class B and demands a 17.66% premium at $30.52/SF.

There are currently 10 Class A buildings with large blocks (over 75,000 SF) of available space which while only being 14% of the total Class A inventory, represent almost 1/3 of the total available Class A space. These 10 buildings, significantly skew the Class A availability rate.

 

 

 

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Q2 2022 Long Island Office 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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