Long Island Industrial Leasing Activity Increases in Q1 

The industrial and office sectors on Long Island have shown promising trends in the first quarter of 2024, according to a new research report from Colliers. The industrial market saw a significant increase in leasing activity, with a surge of 40.4% compared to the previous quarter, nearly reaching the peak seen in Q2 2023. This strong demand resulted in a positive net absorption of 428,314 square feet. Overall asking rent for industrial spaces has also increased, reaching $16.32 per square foot, with Nassau County hitting a new ten-year high of $18.75 per square foot. 

On the office front, Nassau County experienced modestly robust leasing activity, while Suffolk County started the year strong with a 40-basis point reduction in available space, decreasing to 12.7%. Class A buildings are particularly in demand, commanding a 23.5% premium over Class B buildings. These trends indicate a positive start to the year for both the industrial and office sectors on Long Island, with continued investor interest and solid leasing volume.