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Few Big Spaces Available for Long Island Office

Companies leased a lot less office space in Long Island in the third quarter 2017 — largely because there aren’t the large blocks of space available.

The market posted 1.3 million square feet of leasing for the first nine months of 2017, compared with 2.0 million square feet during the same time period one year ago.

Just 12.9% of the office space in Long Island was available in the third quarter, down 140 basis points from a year ago. Class-A rents average $29.92 per square foot, up 1%.

“New blocks of space in Eastern Nassau and Western Suffolk will create opportunities for large tenants in the market during the next 12 months, supporting rental growth,” said Raymond Ruiz, executive vice president for JLL.

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