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Office leasing up in Nassau, down in Suffolk
The Long Island office market ended the year relatively flat as leasing activity grew in Nassau and declined in Suffolk, according to a report released Tuesday.
Average asking rents per square foot fell slightly in the fourth quarter to $26.36 from $26.42 in the fourth quarter of 2011, the report from real estate firm Newmark Grubb Knight said.
Net absorption, a measure of how much space was leased compared to how much was vacated during the quarter, was positive in Nassau with an additional 111,511 square feet occupied. In Suffolk net absorption fell into negative territory with tenants occupying 120,473 fewer square feet.
The vacancy rate on Long Island fell to 12.3 percent, compared to 12.7 percent in the same period a year earlier.
The industrial market didn’t fare as well, as Suffolk dragged down the Island despite slightly better results in Nassau. Companies took 12,744 more square feet in the quarter in Nassau while net absorption in Suffolk was negative 308,239 square feet, the report said.
The vacancy rate for industrial space on Long Island was constant at 5.5 percent compared to a year earlier.