Newer properties on Long Island have performed well during challenging times

Long Island availability rate by year built

• Newly constructed office properties continue to experience lower availability rates, despite a less robust overall leasing environment

 

• Properties constructed during the 2010s have an availability rate of 6.9%, while those built within the last three years boast an impressively low availability rate of 1.0% 

 

• The trend of tenants opting for quality and modern amenities remains prevalent, influencing their decisions to lease new spaces in the current market environment

September 22, 2023

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