Older Long Island office buildings see year-over-year drop in leasing activity
Leasing activity by build date era
- Among Long Island office buildings, those built between 1970-1989 saw 570k sf of leasing activity in 2024, the most out of the different build date eras. Coming next in activity is buildings built between 1950-1969 at 267k sf, followed by the 1990-2009 era at 128k sf, and 2010-2024 at 76k sf.
- Despite seeing peaks in leasing activity in 2023, properties built between 1950-1969 and 1970-1989 both experienced respective year-over-year declines of 19.5% and 28.1%. Meanwhile, the properties built between 1990-2009 and 2010-2024 saw year-over-year increases of 14.4% and 10.7%, respectively.
- The uptick in activity for newer buildings may be a sign of future demand for modern assets in the Long Island office market, as tenants move away from aging properties.
January 31, 2025
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