Long Island Office Market Closes 2019 With Highest Year-End Leasing Activity Since 2016
2020 1월 14
According to CBRE, the Long Island office market closed 2019 with the highest year-end leasing activity since 2016. The market experienced 412,000 sq. ft. in total leasing activity during the fourth quarter, a 6% increase from the previous quarter for Long Island. Overall year-to-date activity totaled 1.89 million sq. ft., 19% above 2018’s year-to-date total.
Long Island ended the quarter with an availability rate of 11.3%, relatively unchanged from the previous quarter and down 11.8% from Q4 2018. The Class A sector remained relatively flat quarter-over-quarter at 10.7% while Class B increased 30 bps to 11.8%.
“The Long Island office market maintained its strength throughout the final quarter of 2019, with robust leasing activity helping to propel the region into positive net absorption,” said Tricia Shay, Managing Director of CBRE’s Long Island office. “Although the fourth quater’s leasing activity fell below the five-year quarterly average, 2019’s overall rise in leasing momentum, steady increase in asking rents and recent availability to come to market will continue to strengthen the demand for well-located office spaces throughout 2020.”
Long Island experienced relatively flat absorption of positive 6,650 sq. ft. in Q4 2019, a reversal from the previous quarter’s negative 185,000 sq. ft. As a result, overall asking rents remained steady quarter-over-quarter, ending Q4 2019 at $27.65 per sq. ft. Office transaction volume in 2019 increased slightly from 2018 to just under 2.5 million sq. ft. totaling $46.5 million and bringing the year-to-date total to $353 million.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.