For the two-county Nassau-Suffolk region, the office vacancy rate at the end of the quarter was 10.7%, down from 11.1% three months earlier. Overall asking rents were $26.45 per sf on average, up from $26.36 in the first quarter and $25.80 in the 2005 second quarter.
The 2006 second-quarter island-wide vacancy rate for class A buildings was 8.83% and the average asking rent was $28.99 per sf. The vacancy rate for the first quarter was 9.27% and the average rent was $28.82. In the 2005 second quarter the vacancy rate was 12.5% and rents average $27.42.
"The strength of the market combined with deals that recently were completed or currently being negotiated will mean a tremendous drop in the inventory during the third quarter," says Alan Rosenberg, president of Sutton & Edwards. He predicts that rising office rents in Manhattan, now in the $80- to $100-per-sf range, will drive smaller deals to Long Island. "It's getting crazy there," he says of Manhattan.
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