LIC office market begins recovery

TRD New York /
Feb.February 21, 2011 01:30 PM

With just 6.9 million square feet of office space, Long Island City is one of the smallest and most fragile commercial markets in the city, and “was greatly affected by the downturn,” Howard Kesseler of Newmark Knight Frank told Crain’s. But, he noted that “the market is starting to recover in terms of leasing activity.” In 2010, average office rents dropped 1 percent, according to Newmark’s latest report on the submarket. But things started to improve for the Queens neighborhood early last year, when JetBlue Airways leased more than 200,000 square feet at the MetLife building on the northern edge of the area. In the final quarter, tenants leased about 32,000 square feet of space, almost double the total in the previous quarter, according to the report. However, in the final three months of the year, the amount of space added to the market was 31,473 square feet more than the amount leased. But even that net absorption figure was a sharp improvement over the previous quarter’s level. [Crain’s]


Related Articles

arrow_forward_ios
175 Water Street and Nathan Berman of Metro Loft Management (Berman via CityRealty)

Inside Metro Loft’s new design for 175 Water Street

Inside Metro Loft’s new design for 175 Water Street
A rendering of 121 Morgan Avenue in Bushwick and Benefit Street Partners’ managing director Micah Goodman (Photos via EXR; Benefit Street Partners)

Brooklyn developer duo hit with foreclosure lawsuit

Brooklyn developer duo hit with foreclosure lawsuit
(iStock)

New York’s law firm leasing volume down by 45%: report

New York’s law firm leasing volume down by 45%: report
A federal judge issued an injunction allowing TikTok to remain in app stores. The company recently signed a major office lease at One Five One in New York (Getty; iStock; Google Maps)

TikTok, savior of NYC’s office market, not yet banned in US

TikTok, savior of NYC’s office market, not yet banned in US
A rendering of 556 West 22nd Street (Photo by BASIS Independent Schools)

Private school to expand in former Chelsea Art Museum building

Private school to expand in former Chelsea Art Museum building
Knotel CEO Amol Sarva and Sprinklr CEO Ragy Thomas with 29 West 35th Street (Sarva via Sasha Maslov; Getty; Google Maps)

Manhattan landlords sue Knotel, Sprinklr for missing rent

Manhattan landlords sue Knotel, Sprinklr for missing rent
Companies are relying on surveys and other data points to determine who will come back to offices first. (iStock)

How do companies decide who should return to offices first? It’s tricky

How do companies decide who should return to offices first? It’s tricky
A rendering of the Climate Solutions Center with Trust for Governors Island CEO Clare Newman and Mayor de Blasio (Rendering via WXY architecture + urban design/bloomimages; Governor's Island; Getty)

Going green: Governors Island could soon house climate center

Going green: Governors Island could soon house climate center
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...