April 9, 2020 Comments Off on LI Office Market Has Strong Q1 Amid Looming Pandemic Views: 361 Long Island, New York News, Tri-State Area New York

LI Office Market Has Strong Q1 Amid Looming Pandemic

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Despite the national economy being clouded by uncertainty in the wake of the COVID-19 pandemic, the Long Island office market ended the first quarter on a positive note, CBRE reported. In the past three months, availability rates have declined and average asking rental rates have increased.

The report from senior research analyst Janet Wachter said leasing activity has remained steady throughout Nassau and Suffolk Counties. The market posted 489,000 square feet of transactions in Q1, a 19% increase from the 412,000 square feet leased in the previous quarter.

Due to steady leasing activity and no significant new blocks coming to market, Long Island experienced positive net absorption of 311,000 square feet in Q1. As a result, the overall availability rate declined to 10.6%, while overall average asking rents increased to $28.19 per square foot.

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