Companies leased a lot less office office space out on Long Island in the second quarter of 2017. Hauppauge Library’s leasing of 20,000 square feet at 1373 Veterans Highway in Hauppauge, NY was the only really large deal.
Compare that to the first quarter, when companies leased several blocks that each had more than 30,000 square feet of office space.
The percentage of vacant space shrank to 12.2% in the second quarter, down from 16.8% in 2015. There are no new office developments underway and rents continue to rise.