Long Island office market reports
The first quarter of 2023 saw a -0.6 msf change in net absorption. The two main vacations of space were 236,000 sf given back by GEICO at 750 Woodbury Road and 212,000 sf given back by Altice at 200 Jericho Quadrangle.
Sublease space in Long Island continued to rise with large occupiers giving back substantial blocks of space. Many of these subleases have longer lease terms, enabling them to compete with direct options which has placed downward pressure on rents.
Average asking rents declined by $0.07 from the end of 2022 as with the market shifting in favor of the occupier. As more availability comes to fruition, asking rents are expected to decline slightly through the remainder of the year.
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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.
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