The Q3 Long Island Industrial Market remained tight with one of the lowest vacancy rates on record and large swings in absorptions. GDP growth dropped to 2.0 in Q2 2019 from 3.1 in Q1 2019. The labor market on Long Island remained stable although it increased slightly from 3.1% in Q2 2019 to 3.75% in Q1 2019. The overall US economy is more likely facing the downward trend as we head into 2020. The Federal Reserve lowered interest rates by a quarter percentage point, to a range of 1.75% to 2% in September to preserve the economic expansion and stimulate the economy.
