Long Island office market reports

Q3 2021

This dashboard is best viewed in a wider browser window.

Office market conditions are poised to remain uncertain, as there is likely to be a reluctance by tenants to make new space acquisition commitments when workplace strategies are largely undetermined. There is some hope, however, that some New York City-based office occupiers could investigate opening an outpost in surrounding suburban markets like Long Island.

5.2%

Economic Conditions

Reopening efforts and higher vaccination rates have allowed the Long Island unemployment rate to rebound from a post-COVID high of 17.5% to 5.2% as of July 2021.

65.6%

Recovery Rate

The share of the total Long Island population that is fully vaccinated is 65.6%, which is higher than the national average and may serve as a leading indicator for greater return-to-work efforts.

-38.5%

Office Demand

Significant uncertainty remains as office occupiers continue to navigate their long-term workplace strategies, resulting in post-COVID annualized leasing activity that is -38.5% vs. the preceding 20-year average.

9.9%

Office Supply

Direct and sublease vacancy rates have dipped slightly from their recent historical highs, totaling 9.9% as of Q3 2021.

+4.1%

Pricing Trends

Asking rents have escalated by 4.1% year-to-date, which reflects the higher-quality composition of availabilities but does not reflect the more generous concessions packages that are being offered to incentivize tenant commitments.

-43.2%

Capital Markets

Long Island office transaction volume has totaled $486M since 2020, -43.2% compared with the prior five-year average on an annualized basis.

Download Long Island Office Insight report

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.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

Get the latest Long Island office market reports right in your inbox

Subscribe today
Sign up to receive reports and listings

Please allow cookies to enable this feature

Our contact service requires the use of cookies to provide an optimal experience for you. Your current cookie setting prevents us from sharing this feature with you.

Allow cookies