12/02/08

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Long Island office market remains stable

The commercial market on Long Island is stable, according to Cushman & Wakefield's mid-year report.

During the year's first half, about 739,000 square feet were leased on Long Island, a 1.3 percent growth from the same period last year.

Suffolk County saw the largest increase in leasing activity, with 361,000 square feet leased, a 67.5 percent increase from last year.

Average commercial rents on Long Island were $32.08 per square foot, a $0.34 rise from last year. Nassau County had more expensive commercial rents, at $33.84 per square foot, a $1.42 gain from last year. Suffolk County rents increased $0.43 to $29.10 per square foot.

The overall commercial vacancy on Long Island rose 0.7 percentage points to 11.5 percent. Among all categories, Class A office space saw the largest increase in vacancy, up 4 percentage points to 14.9 percent.

The report predicts Long Island's office market will face a slowdown by the end of the year.