Long Island office market reports
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Office employment conditions are continuing to trend towards pre-pandemic levels due to a strong vaccination and employment rate. However, return-to-work policies may be hindered due to the emergence of hybrid work models. These hybrid work models have caused companies to question their office needs, decreasing demand and investment sales. Although the office sale volume has shown a 39.5% decline compared with the prior five-year annual average, asset pricing and asking rents have increased since 2019.
Reopening efforts and higher vaccination rates have allowed the Long Island unemployment rate to rebound from a post-COVID high of 17.5% in April 2020 to 4.0% in October 2021. As of April 2021, the unemployment rate in Long Island is below the 20-year historical average of 5.3%.
Long Island has an 11.9% higher vaccination rate compared to the United States as a whole. Total Nassau-Suffolk Metropolitan Division jobs have increased office-using jobs by 2.3% from October 2020 to October 2021.
2021 leasing activity is down 32.6% compared to the prior 20-year annual average leasing activity. Although in 2021, office leasing activity increased 200,000 square feet compared to 2020.
Direct and sublease office availability rates have decreased 40 basis points since the end of 2020. Available sublease space is just under a total of 900,000 square feet.
From 2020 to 2021, the office asking rents in Long Island only increased by 0.1%. This small increase is the result of companies still hesitant to return to office. Due to the introduction of above-market, Class A availabilities, asking rents have risen by 5.2% from 2019 to 2021.
Despite office investment sales volume decreasing since 2019, office asset pricing has held strong and increased by 9.6%. Office investment sales in 2021 have shown a 39.5% decline compared with the prior five-year annual average.
Your source for the latest Long Island office market reports
Get in-depth office market reports and insights from commercial real estate experts in the Greater Long Island area. Avison Young advisors look at Long Island commercial real estate activities and the latest Long Island statistics to provide you expert market research on Long Island's office properties.
Explore different topics like the latest office market pricing trends and analysis of Long Island's current office real estate market conditions. Gain a better understanding of Long Island’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Long Island's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights on Long Island.
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