Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield Releases Fourth Quarter Industrial and Office Statistics for Long Island

Jayden Lapin-Tatman • 2/14/2024
Long Island Experienced Robust Demand for Industrial Properties, while Overall Office Leasing Rebounded from Q3

Long Island, NY – Cushman & Wakefield, a leading global real estate services firm, today released its fourth quarter 2023 industrial and office statistics for Long Island, showing robust demand for industrial properties and a rebound in overall office leasing activity from Q3 2023.

“Long Island’s industrial market is overall healthy and experienced robust demand in the fourth quarter and a substantial rise in asking rents,” said Dimitri Mastrogiannis, Senior Research Analyst at Cushman & Wakefield. “The demand for quality industrial product is evident, as we saw the largest number of new industrial developments delivered in a single year this year since 1988.”

Long Island’s industrial market experienced robust demand in 2023, with quarter-over-quarter leasing activity rising 4.8% in the fourth quarter and year-to-date deal volume totaling 3.8 million square feet (msf). The development pipeline grew as nearly 2 msf of industrial product was delivered this year, causing new supply to outweigh demand and year-to-date absorption remaining at negative 242,000 sf. While the vacancy rate climbed by 90 basis points to 4.3%, the largest quarter-over-quarter increase since 2015, direct average asking rents for industrial properties continued to rise substantially to $18.43 per square foot (psf).

“While many office markets across the country experienced an extreme slowdown in leasing activity, Long Island experienced a substantial rebound in the fourth quarter and year-to-date. While vacancy is still in the double digits as occupiers continue to adapt to the evolving workplace, Class A properties continue to see demand and asking rents have remained stable,” added Mastrogiannis.

Fourth quarter new leasing activity in Long Island’s office market experienced a substantial rebound since last quarter, up 38.7% with the year’s total up 3.4% year-over-year. While the overall vacancy rate rose significantly, up 60 basis points since last quarter to 14.4% due to increases in both Nassau and Suffolk County, the direct average asking rent remained stable, declining $0.07 psf from last quarter to $32.78 psf. Year-to-date net absorption remained negative as five spaces above 30,000 sf, all within Class A buildings, became available this quarter.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All