Figures
Long Island Office Figures Q1 2025
April 8, 2025 10 Minute Read
Looking for a PDF of this content?
‒Leasing activity totaled 456,000 sq. ft. during Q1 2025, 15% above the five-year quarterly average despite a 7% decline from Q4 2024.
‒Net absorption was 171,000 sq. ft. in Q1 2025, the third consecutive quarter of positive absorption.
‒The availability rate declined to 14.6%—down 40 basis points (bps) from Q4 2024 and 30 bps year-over-year.
‒Sublease space declined to 1.3 million sq. ft. in Q1 2025, and the sublease availability rate was 3.3%— down 20 bps from Q1 2024.
‒The overall average asking rent was $31.00 per sq. ft., virtually unchanged from the prior quarter and up 2% year-over-year.