Long Island office market reports

Q1 2023

-665k sf

Net absorption

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.

1.2 msf

Sublet availability

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. 


Asking 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. 

Download Long Island Office Market Report Q1 2023

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