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Office vacancy rate rises

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Office worker Credit: Photos.com

The Island’s office vacancy rate rose to 12.3 percent, higher than the 11.9 a year ago, after the square footage dumped into Nassau’s market overwhelmed the amount taken off, Newmark Knight Frank reported for the second quarter.

Nassau ended the quarter with 184,442 square feet more on the market, while in Suffolk, 115,273 square feet went off line, the real estate services firm said.

Nassau’s vacancy rate rose to 12.2 percent, its highest since 2008, compared to 11.2 percent a year ago and 11.5 percent in the preceding quarter, according to the data.

In a different story for Suffolk, more space went offline than on for the fourth quarter in a row, the report said.

But even though Suffolk’s vacancy rate fell from 12.8 percent a year ago and 12.7 percent in this year’s first quarter, the second quarter figure of 12.3 percent was still slightly higher than Nassau’s, data show.

In the industrial arena, the 5 percent vacancy rate was unchanged from the preceding quarter and the highest since 2004 as a net total of 25,297 square feet was added to the market, the firm said.

Again, it was the same story in each county.

Nassau end up with 112,418 square feet more, leaving it with a 5.2 percent vacancy, up from 3.7 percent a year ago and 5 percent the preceding quarter, the report showed.

Suffolk got 87,121 square feet off the market, ending the quarter with a 5 percent vacancy, up from 4.1 percent a year ago, the firm said. The report said the second-quarter vacancy rate was lower than the preceding quarter but had no figure there and online.

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