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Long Island Office Market Report

ISLAND CORPORATE SERVICES

OFFICE MARKET REPORT FOR NASSAU AND SUFFOLK COUNTIES, LONG ISLAND

The second quarter 2018 vacancy rate decreased from 7.1% in the previous quarter to 6.8%. The average quoted office rental rate for all office space in Nassau and Suffolk decreased from $25.13 in the first quarter 2018 to $25.00 in the second quarter 2018. The average quoted rates for Class A increased by 0.3%, while Class B, and Class C office spaces decreased by 1.6% and 0.6% respectively. Net absorption was negative at (145,577), down from positive 194,444 in the first quarter 2018. Net absorption for Class A was negative (85,511), Class B was negative (22,908), and Class C was negative (37,163). During the second quarter 2018 5,100 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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Description2nd Qtr 20173rd Qtr 20174th Qtr 20171st Qtr 20182nd Qtr 2018Trend
Vacancy Rate7.50%7.10%7.10%6.80%6.90%Up
Net Absorption(4,067)(96,151)38,935194,444-145,577Down
Vacant Sublease Space288,363260,328256,121524,962553,663Up
Class A Rental Rate$30.59$31.31$30.60$29.90$29.99Up
Nassau County$33.12 $33.53 $33.01 
Suffolk County$26.96 $25.98 $25.76 
Class B Rental Rate$23.92$24.01$24.55$24.09$23.70Down
Nassau County$26.46 $26.25 $26.21 
Suffolk County$21.99 $22.95 $21.29 
Class C Rental Rate$22.21$22.84$22.21$21.77$21.65Down
Nassau County$23.00 $22.94 $22.25 
Suffolk County$20.68 $20.86 $20.70 
Total Rental Rate$25.39$25.55$25.68$25.13$25.00Down
Nassau County$27.66 $27.59 $27.29 
Suffolk County$22.94 $23.31 $22.30 
SF New Construction Delivered234,169233,00028,00014,0005,100 
SF New Construction Underway449,126 400,204 156,704 
SF of Office Inventory91,703,860 92,208,744 92,977,625 
# of Office Bldg's6,149 6,199 6,287 
Sales Activity - $'s$216,466,612$73,403,888117,085,623$70,697,000  
Sales Activity - # of Bldg's1181012  
Sales Activity - Total SF787,162479,797921,635449,549  
Sales Price PSF$275.00$152.99$127.04$157.26  
Data Source - CoStar Group
QuarterYearSorted By Year In Descending OrderProperty TypeMarket Report DescriptionLink
1st2018OfficeLong Island Nassau Suffolk Office Property Market Report2018 1st Qtr Office.pdf
4th2017OfficeLong Island Nassau Suffolk Office Property Market Report2017 4th Qtr Office.pdf
3rd2017OfficeLong Island Nassau Suffolk Office Property Market Report2017 3rd Qtr Office.pdf
2nd2017OfficeLong Island Nassau Suffolk Office Property Market Report2017 2nd Qtr Office.pdf
1st2017OfficeLong Island Nassau Suffolk Office Property Market Report2017 1st Qtr Office.pdf
4th2016OfficeLong Island Nassau Suffolk Office Property Market Report2016 4th Qtr Office.pdf
3rd2016OfficeLong Island Nassau Suffolk Office Property Market Report2016_3rd_Qtr_Office.PDF
2nd2016OfficeLong Island Nassau Suffolk Office Property Market Report2016_2nd_Qtr_Office.PDF
1st2016OfficeLong Island Nassau Suffolk Office Property Market Report2016_1st_Qtr_Office.pdf
4th2015OfficeLong Island Nassau Suffolk Office Property Market Report2015 4th Qtr Office.pdf
3rd2015OfficeLong Island Nassau Suffolk Office Property Market Report2015_3rd_Qtr_Office.pdf
2nd2015OfficeLong Island Nassau Suffolk Office Property Market Report2015_2nd_Qtr_Office.pdf
1st2015OfficeLong Island Nassau Suffolk Office Property Market Report2015_1st_Qtr_Office_Market_Report.pdf
4th2014OfficeLong Island Nassau Suffolk Office Property Market Report2014_CBCICS_4th_Qtr_Office_Market_Report.pdf
3rd2014OfficeLong Island Nassau Suffolk Office Property Market Report2014_3rd_Qtr_Office_Market_Report.pdf
2nd2014OfficeLong Island Nassau Suffolk Office Property Market Report2014_2nd_Qtr_Office_Market_Report.pdf
1st2014OfficeLong Island Nassau Suffolk Office Property Market Report2014_1st_Qtr_Office_Market_Report.pdf
4th2013OfficeLong Island Nassau Suffolk Office Property Market Report2013_4th_Qtr_Industrial_Market_Report.pdf
3rd2013OfficeLong Island Nassau Suffolk Office Property Market Report2013_3rd_Qtr_Office_Market_Report.pdf
2nd2013OfficeLong Island Nassau Suffolk Office Property Market Report2013_CBCICS_2nd_Qtr_Office_Market_Report.pdf
1st2013OfficeLong Island Nassau Suffolk Office Property Market Report2013_1st_Qtr_Office_Market_Report.pdf
4th2012OfficeLong Island Nassau Suffolk Office Property Market Report2012_4th_Qtr_Office_Market_Report.pdf
3rd2012OfficeLong Island Nassau Suffolk Office Property Market Report2012 3rd Qtr Office Market Report.pdf
2nd2012OfficeLong Island Nassau Suffolk Office Property Market Report2012 2nd Qtr Office Market Report.pdf
1st2012OfficeLong Island Nassau Suffolk Office Property Market Report2012_1st_Qtr_Office_Market_Report.pdf

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