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Long Island Office Market Report

ISLAND CORPORATE SERVICES

Quarterly Long Island Office Market Report Summary

The fourth quarter 2016 vacancy rate rose slightly from 7.4% in the previous quarter to 7.5%. The average quoted office rental rate for all office space in Nassau and Suffolk increased from $25.73 in the third quarter to $25.83 in the fourth quarter. The average quoted rate for Class A office space fell by 1.6%, while Class B and Class C office space rates rose by 1.1% and .2% respectively.   Net absorption was negative for the first time in 2016 at (202,414), down from positive 322,972 in the third quarter 2016.  Net absorption for Class A was negative (207,815), Class B was positive 54,610 and Class C was negative (49,209). During the fourth quarter 2016 no new space was added to the market in the Nassau and Suffolk County market area. There was 733,525 square feet of space still under construction at the end of the fourth quarter.  When looking at office building sales of 15,000 square feet or larger, sales significantly declined in the third quarter 2016.  There were seven transactions with a total volume of $44,825,000. The seven properties consisted of 260,616 square feet, making the average price per square foot $172.00 compared to an average price per square foot of $147.12 in the second quarter 2016.


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Office Market Report - Nassau Suffolk Long Island

Description4th Qtr 20151st Qtr 20162nd Qtr 20163rd Qtr 20164th Qtr 2016Trend
Vacancy Rate8.80%8.70%8.30%7.40%7.50%Up
Net Absorption133,345125,762274,930322,972(202,414)Down
Vacant Sublease Space153,269172,667212,489204,365191,437Down
Class A Rental Rate$31.39$30.50$30.61$31.14$30.63Down
Nassau County$33.65$32.92$33.14$34.45$33.62Down
Suffolk County$28.00$28.01$27.41$27.19$26.65Down
Class B Rental Rate$23.55$23.57$23.36$23.74$23.99Up
Nassau County$25.63$26.33$26.24$26.58$26.35Down
Suffolk County$21.90$21.34$21.39$21.54$22.19Up
Class C Rental Rate$22.39$21.74$21.97$22.71$22.75Up
Nassau County$23.41$22.85$22.99$24.23$24.24Up
Suffolk County$19.90$19.43$19.89$19.56$19.86Up
Total Rental Rate$25.49$25.17$25.45$25.73$25.83Up
Nassau County$27.50$27.25$27.87$28.40$28.32Down
Suffolk County$23.13$22.99$22.95$22.85$23.12Up
SF New Construction Delivered21,70015,100-13,500-Down
SF New Construction Underway    733,525 
SF of Office Inventory90,036,55790,409,96291,308,36791,325,36391,550,155Up
# of Office Bldg's5,9165,9866,0176,0376,080Up
Sales Activity - $'s$121,714,805$115,010,000$134,236,400$44,825,000 Down
Sales Activity - # of Bldg's137117 Down
Sales Activity - Total SF854,593948,581912,411260,616 Down
Sales Price PSF$142.42$121.24$147.12$172.00 Up
Data Source - CoStar Group

Historical Long Island Office Market Reports - Nassau Suffolk

QuarterYearSorted By Year In Descending OrderProperty TypeMarket Report DescriptionLink
1st2016OfficeLong Island Nassau Suffolk Office Property Market Report2016_1st_Qtr_Office.pdf
2nd2016OfficeLong Island Nassau Suffolk Office Property Market Report2016_2nd_Qtr_Office.PDF
3rd2016OfficeLong Island Nassau Suffolk Office Property Market Report2016_3rd_Qtr_Office.PDF
4th2016OfficeLong Island Nassau Suffolk Office Property Market Report2016 4th Qtr Office.pdf
1st2015OfficeLong Island Nassau Suffolk Office Property Market Report2015_1st_Qtr_Office_Market_Report.pdf
2nd2015OfficeLong Island Nassau Suffolk Office Property Market Report2015_2nd_Qtr_Office.pdf
3rd2015OfficeLong Island Nassau Suffolk Office Property Market Report2012 3rd Qtr Industrial Market Report.pdf
4th2015OfficeLong Island Nassau Suffolk Office Property Market Report2015 4th Qtr Office.pdf
1st2014OfficeLong Island Nassau Suffolk Office Property Market Report2014_1st_Qtr_Office_Market_Report.pdf
2nd2014OfficeLong Island Nassau Suffolk Office Property Market Report2014_2nd_Qtr_Office_Market_Report.pdf
3rd2014OfficeLong Island Nassau Suffolk Office Property Market Report2014_3rd_Qtr_Office_Market_Report.pdf
4th2014OfficeLong Island Nassau Suffolk Office Property Market Report2014_CBCICS_4th_Qtr_Office_Market_Report.pdf
1st2013OfficeLong Island Nassau Suffolk Office Property Market Report2013_1st_Qtr_Office_Market_Report.pdf
4th2013OfficeLong Island Nassau Suffolk Office Property Market Report2013_4th_Qtr_Office_Market_Report.pdf
2nd2013OfficeLong Island Nassau Suffolk Office Property Market Report2013_CBCICS_2nd_Qtr_Office_Market_Report.pdf
3rd2013OfficeLong Island Nassau Suffolk Office Property Market Report2013_3rd_Qtr_Office_Market_Report.pdf
3rd2012OfficeLong Island Nassau Suffolk Office Property Market Report2012 3rd Qtr Office Market Report.pdf
4th2012OfficeLong Island Nassau Suffolk Office Property Market Report2012_4th_Qtr_Office_Market_Report.pdf
1st2012OfficeLong Island Nassau Suffolk Office Property Market Report2012_1st_Qtr_Office_Market_Report.pdf
2nd2012OfficeLong Island Nassau Suffolk Office Property Market Report2012 2nd Qtr Office Market Report.pdf

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