In the third quarter, Long Island’s real estate market exhibited significant trends according to Cushman & Wakefield’s Q3 office and industrial statistics. The overall vacancy rate in the office sector decreased by 10 basis points to 14.4%, primarily driven by improvements in Nassau County. Despite a slower leasing quarter, year-to-date deal volume matched last year’s figures, indicating sustained demand for Class A properties. Additionally, quarterly net absorption turned positive for the first time since 2021 due to sublease space being removed from the market.
On the other hand, in the industrial market, direct average asking rents saw a decline of $0.35 psf settling at $17.56 psf as high-quality spaces were leased out influencing this decrease.The vacancy rate also increased 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 post highlights that Long Island Office Absorption has turned positive during Q3 without mentioning any specific organization or location names.
