• Long Island recorded 326,000 sq. ft. of leasing activity during Q4 2020, a 1% increase from the previous quarter and 28% below its five-year quarterly average.
  • Overall year-end 2020 leasing activity totaled 1.49 million sq. ft., 21% below 2019’s total and the lowest year-end total on record.
  • The overall average asking rent rose 3% year-over-year to $28.52 per sq. ft.
  • Sublease availability climbed to 854,000 sq. ft., up 22% from Q3 2020.
  • Net absorption totaled negative 325,000 sq. ft. at the end of Q4 2020 bringing the year-to-date total to negative 218,000 sq. ft.
  • Year-over-year, the availability rate increased 110 basis points (bps) to 12.4%.