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New York & Tri-State  + Long Island  + Office  | 

LI Office Market Has Strong Q1 Amid Looming Pandemic

Despite the national economy being clouded by uncertainty in the wake of the COVID-19 pandemic, the Long Island office market ended the first quarter on a positive note, CBRE reported. In the past three months, availability rates have declined and average asking rental rates have increased.

The report from senior research analyst Janet Wachter said leasing activity has remained steady throughout Nassau and Suffolk Counties. The market posted 489,000 square feet of transactions in Q1, a 19% increase from the 412,000 square feet leased in the previous quarter.

Due to steady leasing activity and no significant new blocks coming to market, Long Island experienced positive net absorption of 311,000 square feet in Q1. As a result, the overall availability rate declined to 10.6%, while overall average asking rents increased to $28.19 per square foot.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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