- From Q1 2024-Q1 2025, the class B/C availability rate dropped by 110-basis points (bps) while the overall market availability rate dropped by 50-bps. Meanwhile, the class A availability rate increased by 40-bps from Q1 2024-Q1 2025, signaling heightened activity in the lower-end space of the market.
- The decline in the class B/C availability rate, coupled with an increase in the class A rate, may suggest that office tenants in the Long Island market are placing less emphasis on amenity-rich spaces compared to those in nearby areas such as Manhattan and the New York City Outer Boroughs. Further, since Long Island has a greater supply of class B/C office product compared to class A, it's logical that a higher volume of transactions is occurring in that segment of the market.