Net absorption was 362,000 sq. ft. at the end of Q3 2021, the first quarter of positive absorption since Q1 2020 when the COVID-19 pandemic began.

Leasing activity totaled 403,000 sq. ft. during Q3 2021, a 20% improvement from Q2 2021 and only 4% below the five-year quarterly average for Long Island.

The availability rate declined 90 basis points (bps) from Q2 2021 but is still 160 bps higher than a year ago, ending the quarter at 12.8%.

Sublease availability remained relatively unchanged quarter-over-quarter at 1.1 million sq. ft., however, was up 54% from Q3 2020.

The overall average asking rent held steady quarter-over-quarter inching up just $0.12 to $28.85 per sq. ft. and increased 2% year-over-year.