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Q3 2022 Long Island Office Market Report

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While Long Island’s office market demonstrated commendable activity with 512,368 SF of total leasing activity, companies giving back significant amounts of space offset this. 

During the third quarter, Long Island registered 472,641 SF of negative net absorption, as many building owners struggled to lease their available space and a significant amount of space was put back on the market. Accordingly, the availability rate increased 90-basis points to 12.9%.

The average asking rent continued to hit record highs and increased $0.73 to $28.73 which was a 2.61% increase from the previous quarter. Class A space continues to separate itself from Class B space as companies demand newer and better amenitized buildings. Class A office space currently demands a 12.86% premium at $30.72/SF.

 

 

 

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Q3 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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