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Cushman & Wakefield releases LI Office Index

Global commercial real estate brokerage Cushman & Wakefield will begin releasing a quarterly Long Island Office Index, a measure of asking rents in class A office buildings across the Island.

The index, which contains asking rent data from 1996 to the present day, is an indicator of landlord confidence and will help gauge the health of the commercial real estate market, said David Pennetta, the executive director of Cushman's Long Island office in Melville.

The index is the first of its kind on Long Island and the first local index among Cushman & Wakefield's regional offices, according to Pennetta.

"Landlords are going to find it useful, investors coming into marketplace, and appraisers," Pennetta said. It's a "new unique barometer to look at."

The index, which will be released to Cushman clients April 1, starts in 1996 at 1135.15, and peaks in 2008 at 1490.35 before falling during the recession. For the first quarter of 2014, the index hit 1449.14. Asking rent in Nassau and Suffolk counties during that period was $33.27 per square foot for a class A building, according to Cushman.

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