MELVILLE, NY-Despite overall market sentiment and a national economic and residential market slowdown, the local office market remained steady in most areas here. So says Cushman & Wakefield’s mid-year 2008 report on the Long Island commercial real estate market.

Leasing activity finished the second quarter of 2008 on par with the second quarter of 2007. The 739,147 sf leased throughout the region represented a 1.3% gain since last year, the C&W report says. The positive activity was attributable to the healthy Suffolk County market, where at 361,075 sf of leased space, made a year-over-year gain of 67.5%. Lend America’s lease of just over 57,000 sf at 520 Broad Hollow Rd. in Melville was the largest for the quarter.

According to CB Richard Ellis’ Q2 report on Long Island, for the second consecutive quarter, Long Island office vacancy was reported at 11.9%, slightly under the 12.6% vacancy reported one year ago. Although leasing activity declined from 701,113 sf in the first quarter to 481,100 sf in the second quarter, year-over-year leasing activity was greater in 2008. As for the Suffolk County market, availability increased by 0.8 percentage points quarter-to-quarter, however, it remained one point below the reported availability during the same period last year. Leasing activity in Suffolk County decreased quarter-to-quarter and year-to-year, however, the overall average rent increased to $24.64 per sf, the report says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.