OFFICE MARKET REPORT FOR NASSAU AND SUFFOLK COUNTIES, LONG ISLAND
The third quarter 2018 vacancy rate held from 6.90% in the previous quarter. The average quoted office rental rate for all office space in Nassau and Suffolk increased from $25.00 in the second quarter 2018 to $25.41 in the third quarter 2018. The average quoted rates for Class A increased by 2.9%, Class B increased by 0.8%, and Class C office spaces increased by 4.6%. Net absorption was negative at (165,956), down from negative (145,577) in the second quarter 2018. Net absorption for Class A was negative (54,204), Class B was negative (108,510), and Class C was negative (3,242). During the third quarter 2018 9,000 square feet of new space was added to the market in the Nassau and Suffolk County market area. Sales activity statistics not available at this time.
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