• Long Island recorded 322,000 sq. ft. of leasing activity during Q3 2020, a 9% decrease from the previous quarter and 29% below its five-year quarterly average.
  • The overall average asking rent rose 2% year-over-year to $28.33 per sq. ft.
  • Class A availability decreased by 60 basis points (bps) year-over-year while the average asking rent remained relatively flat at $31.89 per sq. ft.
  • Net absorption totaled negative 177,000 sq. ft. at the end of Q3 2020 bringing the year-to-date total to 106,000 sq. ft.
  • Year-over-year, the availability rate remained unchanged at 11.2% but increased quarter-over quarter by 60 bps.