Figures

Long Island City Office Figures H2 2023

January 11, 2024 10 Minute Read

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      Leasing activity totaled 78,000 sq. ft. in H2 2023, 35% below H1 2023 and 67% behind of the 240,000 sq. ft. half-year average witnessed over the past five years. Total leasing for 2023 amounted to 201,000 sq. ft.

      13,000 sq. ft. of positive absorption occurred in H2 2023. Total net absorption for 2023 amounted to negative 80,000 sq. ft.

      The availability rate decreased to 27.7% in H2 2023 down 10 basis points (bps) from H1 2023 but up 90 bps year-over-year.

      At 7.4%, the sublease availability rate was down 30 bps from H1 2023 but up 20 bps year-over-year.

      Overall asking rent was $51.97 per sq. ft. in H2 2023, relatively flat from H1 2023 and down 3% year-over-year.