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Long Island Office Market Report

ISLAND CORPORATE SERVICES

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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Description3rd Qtr 20174th Qtr 20171st Qtr 20182nd Qtr 20183rd Qtr 2018Trend
Vacancy Rate7.10%7.10%6.80%6.90%6.90%Steady
Net Absorption-96,15138,935194,444-145,577-165,956Down
Vacant Sublease Space260,328256,121524,962553,663720,533Up
Class A Rental Rate$31.31$30.60$29.90$29.99$30.86Up
Nassau County 33.53 33.01$34.48Up
Suffolk County 25.98 25.76$26.41Up
Class B Rental Rate$24.01$24.55$24.09$23.70$23.89Up
Nassau County 26.25 26.21$26.10Down
Suffolk County 22.95 21.29$21.71Up
Class C Rental Rate$22.84$22.21$21.77$21.65$22.65Up
Nassau County 22.94 22.25$23.72Up
Suffolk County 20.86 20.7$21.06Up
Total Rental Rate$25.55$25.68$25.13$25.00$25.41Up
Nassau County 27.59 27.29$27.78Up
Suffolk County 23.31 22.3$22.73Up
Data Source - CoStar Group
QuarterYearSorted By Year In Descending OrderProperty TypeMarket Report DescriptionLink
3rd2018OfficeLong Island Nassau Suffolk Office Property Market Report2018 3rd Qtr Office.pdf
2nd2018OfficeLong Island Nassau Suffolk Office Property Market Report2018_2nd_Qtr_Office.pdf
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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