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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