Long Island Office Figures Q4 2023

January 9, 2024 10 Minute Read

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  Leasing activity totaled 450,000 sq. ft. in Q4 2023—up 52% quarter-over-quarter and 10% from the five-year quarterly average.
‒  Full-year leasing activity totaled 1.5 million sq. ft., 15% below 2022’s total and 20% below the ten-year average.
‒  Quarterly absorption was negative 7,100 sq. ft., bringing year-to-date net absorption to negative 568,000 sq. ft.
‒  The availability rate was 15.0%—unchanged from the prior quarter but increased 160 basis points (bps) year-over-year.
‒  The sublease availability rate was 3.3%, unchanged quarter-over-quarter but 110 bps higher than a year ago.
‒  The overall average asking rent was relatively unchanged from the prior quarter at $30.19 per sq. ft. but increased 3% year-over-year.