The third quarter revealed notable trends in Long Island’s real estate market, according to Q3 office and industrial statistics from Cushman & Wakefield. In the office sector, the overall vacancy rate decreased by 10 basis points to 14.4%, mainly due to improvements in Nassau County. Despite a slower leasing quarter, year-to-date deal volume matched last year’s figures, indicating ongoing demand for Class A properties. Additionally, quarterly net absorption turned positive for the first time since 2021 as sublease space was removed from the market.
On the other hand, in the industrial market there was a decline of $0.35 psf in direct average asking rents settling at $17.56 psf due to high-quality spaces being leased out.The vacancy rate also increased slightly to 3.6% with several large spaces becoming available.However,the Central Suffolk submarket remained strong with a robust year-to-date deal volume of2 .8 million square feet.
This data indicates that Long Island’s real estate market is experiencing positive growth despite some fluctuations.In conclusion,the latest Q3 report shows promising signs for both office and industrial sectors on Long Island without mentioning any specific organizations or locations.
