• The availability rate dropped 110 basis points (bps) over the quarter to 10.8%, its lowest quarterly level since Q1 2005.
  • Quarterly leasing totaled 477,000 sq. ft., 10% below the five-year quarterly average for Long Island.
  • Steady leasing resulted in the second consecutive quarter of positive net absorption, totaling 274,000 sq. ft.
  • The overall average asking rent was $26.87 per sq. ft., virtually unchanged quarter-over-quarter and year-over-year. Presumably, this is a result of the shortage of Class A space on the market.