Addition of New Space to the Office Market in Long Island Drops Office Rates

Summary

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The addition of significant new space to the market helped push Long Island's office market vacancy above 11 percent for the first time in a year, according to new market surveys.

Statistics compiled by real estate services firm Cushman & Wakefield put the third-quarter vacancy rate at 11.2 percent from 10.2 percent in the second quarter, marking the first full percentage point jump since the first quarter of 2003.

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Addition of New Space to the Office Market in Long Island Drops Office Rates

Activity in this last quarter was virtually nonexistent; there was very little large leasing, said senior director Ted Stratigos. But one sluggish quarter -...

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