Long Island Industrial Market Report
ISLAND CORPORATE SERVICES
The fourth quarter 2018 vacancy rate rose from the previous quarter to 3.3%. Flex properties had a vacancy rate of 5.3% compared to the 5.0% vacancy rate of the third quarter 2018. The warehouse vacancy rate at 3.0% remained steady from the third quarter 2018. Vacant industrial sublease space increased to 531,705 SF in the fourth quarter 2018 from 478,606 SF in the third quarter 2018. Vacant sublease space for flex properties decreased to 10,262 SF in the fourth quarter 2018 from 17,442 SF in the third quarter 2018. Vacant warehouse sublease space increased to 521,443 SF in the third quarter 2018 from 461,164 SF in the third quarter 2018. Net absorption for the fourth quarter finished at negative (101,145) SF, up from negative (329,176) SF reported in the third quarter 2018. 3,975 SF of new space in two buildings was completed in the fourth quarter 2018 with 615,505 SF still under construction. Sales activity for fourth quarter 2018 currently unavailable.
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