Long Island average office lease size sees year-over-year increase

The average office lease size in Long Island in 2024 reached a post-Covid high of 18.3k sf, a 11.0% year-over-year increase. The jump in average size can be attributed to 7.4% and 9.7% year-over-year increases in the average size of new leases and renewals, respectively.

Pre-Covid, renewals in Long Island were traditionally smaller on average than new leases. However, since 2019 the average size of renewals has increased by a staggering 96.0%, while the size of new leases has only increased by 12.0%. Currently, the average renewal size is 26.3k sf while the average new lease size is 16.3k sf.

The increase in overall average lease size is a positive sign for the Long Island office market, indicating tenants’ confidence in the market and desire to stay in Long Island.

February 18, 2025

US-NY-LI Long Island