Office leasing activity was a bit sluggish in the the third quarter in Nassau and Suffolk counties, according to a CBRE report. The availability rate was 11.2 percent, up from 10.8 percent in the second quarter, but still down from the 12 percent posted one year ago. Still, the availability rate points to the relative strength of the office market, CBRE reported. Rents were up one percent year-over-year, going for $27.08 per square foot. “Though leasing was down during Q3, we saw an active quarter for renewals. The drop in the year-over-year availability rate and the addition of 15,000 private sector jobs are all signs of a healthy market,” said CBRE’s Tricia Shay. [CBRE]
Leasing activity slows in Suffolk and Nassau office markets in Q3, report finds
