Long Island office vacancies rose last quarter
Photo of the Administrative offices of the Suffolk county department of health services in Hauppauge. (April 25, 2012) Credit: Newsday/Thomas A. Ferrara
Office vacancies on Long Island for the second quarter of 2012 increased to 8.5 percent, a slight uptick from the first 3 months of the year, according to a report from commercial real estate tracker CoStar Group.
About 283,034 square feet of office space was vacated during the second quarter, causing the vacancy rate to grow from 8.3 percent in the first quarter.
CoStar includes Kings County and Queens County, in addition to Nassau and Suffolk, when counting vacancy levels for Long Island.
Large spaces that were newly leased in 2012 include 120,000 square feet at MetroTech Center in Brooklyn by the General Services Administration and 63,402 square feet at Sunrise Business Center in Great River by the Suffolk County Department of Health.
Although the vacancy rate grew since last quarter, it's down from the last half of 2011, when the level of empty office spaces was about 9 percent.
Local vacancy levels are also better compared to national levels — the U.S. office vacancy rate was 12.1 percent at the end of the second quarter.
Knicks back in finals for first time since 1999 ... Ticket prices through MSG roof! ... Blakeman's agenda for 'new' NY ... Out East: Shellfish surprise
Knicks back in finals for first time since 1999 ... Ticket prices through MSG roof! ... Blakeman's agenda for 'new' NY ... Out East: Shellfish surprise
