Q2 2020 Market Report Long Island

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. Many occupiers were able to negotiate deferred or reduced rent agreements with their landlords, while many others were forced to default on rent payments. The end of the second quarter saw some businesses begin to reopen on a limited basis. Many other occupiers are evaluating the practicality of a remote workforce and a reduced real estate footprint. Expect a surplus of space in the 3rd Quarter, with a glut of sublease space available. Credit-worthy tenants will have significant leverage when negotiating lease terms. Click the download button for the full Market Report