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.

December 18, 2023

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