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.

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