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Long Island Office Figures Q1 2023

April 10, 2023 5 Minute Read

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‒Long Island recorded 462,000 sq. ft. of leasing activity during Q1 2023, a 19% increase from the previous quarter and 12% above its five-year quarterly average.
‒Year-to-date leasing was 21% ahead of the same period a year ago.
‒Absorption was negative 290,000 sq. ft. in Q1 2023, due to large blocks of space coming to market.
‒The availability rate increased 90 basis points (bps) to 14.3%, quarter-over-quarter and 110 bps year-over-year.
‒Long Island’s sublease availability rate rose 80 bps to 3.0%, which equates to 1.2 million sq. ft., 21% of the total available space.
‒The overall average asking rent was $29.59 per sq. ft.—up 1% from the prior quarter and 2% year-over-year.