The Office Market is Tightening Quickly. 50k+ SF Vacancy Rate is 1.42%

Like every other real estate product type the office market is stratified into different sub-sectors. The general market has a vacancy rate of 12.3 %, Class A & B buildings of at least 50,000 SF is at 9.8%, but when further qualified with spaces that have a 50,000 SF vacancy or more the vacancy rate becomes 1.42%.

You can read the full LIBN article at LIBN State of Flux . Long Island got caught flat footed in the Industrial Sector but we are getting caught in the same situation with office. The last Nassau County Speculative office building was in 2005 and Suffolk in 2009. Other reasons include traditional office developers switching to developing multi-family, medical tenants displacing office tenants, and since COVID19 more LI tenants are increasing their long island footprints by about 33%. There have even been numerous office buildings being converted to industrial because new development get get the product online fast enough.