2024 Anticipation: Will Long Island's Office Availability Trends Persist? - United States
2024 Anticipation: Will Long Island's Office Availability Trends Persist?
In 2023, Long Island's office availability rates have reached a recent peak of 12.8%, reflecting a sluggish leasing environment in the post-pandemic era. The increased availability rates this year are further influenced by the introduction of new properties to the market.
Concurrently, average rental rates have experienced an upward trajectory, surging into the low $30s per square foot (Modified Gross) in 2021 and showing a gradual increase over the past few years.