The third quarter saw notable trends in Long Island’s real estate market, as revealed by Q3 office and industrial stats from Cushman & Wakefield. In the office sector, the overall vacancy rate decreased slightly by 10 basis points to 14.4%, mainly due to improvements in Nassau County. Despite a slower leasing quarter, year-to-date deal volume matched last year’s figures, indicating ongoing demand for Class A properties. The removal of sublease space from the market resulted in positive quarterly net absorption for the first time since 2021.
On the other hand, direct average asking rents declined by $0.35 psf in the industrial market and settled at $17.56 psf due to high-quality spaces being leased out.The vacancy rate also increased to 3.6% as several large spaces became available.However,the Central Suffolk submarket led with robust year-to-date deal volume of2 .8 million square feet.
This post highlights that Long Island’s office absorption turned positive during Q3 without mentioning any specific organization or location names.
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