Long Island

COVID-19 has prompted the most notable workplace transformation of our time. As companies rethink how and where they work, HR departments are at the center of this evolution, crafting policies and developing guidance to keep their workforce healthy, productive and supported.

The COVID-19 pandemic has transformed the way we work, prompting office occupiers across all industries to reevaluate their real estate strategies.

Our quarterly Market Report provides the latest transaction, vacancy and rent data, as well as trends and predictions that can save your company time and money when making real estate decisions.

Our quarterly Industrial Market Report breaks down each Long Island real estate submarket to provide you the latest transaction, vacancy and rent data, as well as trends and predictions that can save your company time and money when making real estate decisions. Download the latest guides here.

The COVID-19 Global Pandemic brought an abrupt halt to what had been robust leasing activity in Nassau and Suffolk Counties. Tenant’s new focus became the preservation of capital through expense and workforce reduction.

The Long Island market continues at a slow but steady pace, improving over each previous quarter and remaining healthy. Availability in both sectors dipped slightly and predictably rents inched up a bit. The first (1st) quarter experienced several major transactions across every discipline; retail, office and industrial. Newsday signed the largest new office lease of the quarter (84k SF). The industrial market has outpaced the other sectors with substantial increases in rent and increases in the cost per square foot to purchase. A large contributor to the increase is due to the migration of tenants/buyers from Long Island City and NYC boroughs acquiring Long Island facilities at “discounted” rents and lower acquisition costs.