OFFICE MARKET REPORT FOR NASSAU AND SUFFOLK COUNTIES, LONG ISLAND
The fourth quarter 2018 vacancy rate increased from the previous quarter to 7.0%. The average quoted office rental rate for all office space in Nassau and Suffolk decreased from $25.41 in the third quarter 2018 to $25.11 in the fourth quarter 2018. The average quoted rates for Class A decreased by 2.9%, Class B decreased by 1.2%, and Class C decreased by 2%. Net absorption was negative at (188,696), down from negative (165,956) in the previous quarter 2018. Net absorption for Class A was negative (246,939), Class B was positive 45,495, and Class C was positive 12,748. During the fourth quarter 2018, no square feet of new space was added to the Nassau and Suffolk County market area. Sales activity statistics not available at this time.
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