The vacancy rate for Long Island office buildings rose to 11.5 percent in the second quarter of the year, according to a report from Cushman & Wakefield.
C & W had reported a vacancy rate of 11.1 in the first quarter. Available office space rose to 3,576,677 square feet in the second quarter, up from 3,465,172 square feet in the first quarter.
Central Suffolk is stillthe slowest Class A office submarket, with an 18.4 percent vacancy rate in the second quarter, while western Suffolk had 9.1 percent of its Class A space unoccupied.
Western Nassau is the busiest Class B office submarket with a 9.2 percent vacancy rate in the second quarter.
Overall, Long Island lease rates for Class A climbed slightly in the second quarter, rising from $34.97 per-square-foot in April to $35.29 per-square-foot at the end of June.
