Long Island Office Figures Q1 2022

12 abr. 2022

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  • Leasing activity for Long Island totaled 584,000 sq. ft. during Q1 2022, 40% above the five-year quarterly average but a 4% decrease from Q4 2021.
  • Net absorption was negative 57,000 sq. ft. at the end of Q1 2022, due to new available space coming to market.
  • The availability rate rose 20 basis points (bps) from Q4 2021 and 10 bps year-over-year, ending the quarter at 13.2%.
  • Sublease availability remained stable quarter-over-quarter at 1.01 million sq. ft., however it remained 11% above Q1 2021 and was 58% higher than the pre-pandemic level.
  • The overall average asking rent inched up 1% quarter-over-quarter to $29.11 per sq. ft. and increased 2% year-over-year, to the highest level on record.