LIC office market begins recovery

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
Richard Wagman, managing partner, Madison Capital (Care/of, Madison Capital, iStock)
Madison Capital signs wellness company in Brooklyn office
Madison Capital signs wellness company in Brooklyn office
Vornado co-head of real estate Glen Weiss and Sharebite President Mohsin Memon (VNO, Facebook, iStock)
Vornado sweetening Manhattan properties with food delivery partner
Vornado sweetening Manhattan properties with food delivery partner
Equity Group Investments chairman Sam Zell (Getty, iStock)
Office market’s recovery will outpace retail amid “viability” questions, Zell says
Office market’s recovery will outpace retail amid “viability” questions, Zell says
Steven Pozycki, chief executive officer, SJP Properties, in front of 111 River Street in Hoboken, NJ (SJP Properties, LoopNet, iStock)
SJP, David Werner buy waterfront Hoboken office, retail property
SJP, David Werner buy waterfront Hoboken office, retail property
(iStock/Illustration by Kevin Rebong for The Real Deal)
NYC investment sales hit multi-year peak to end 2021
NYC investment sales hit multi-year peak to end 2021
(iStock)
Unprecedented landlord incentives powering U.S. office market recovery
Unprecedented landlord incentives powering U.S. office market recovery
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Google buying London office for $1B
Google buying London office for $1B
Google buying London office for $1B
arrow_forward_ios

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

Loading...