GARDEN CITY, NY—The office, industrial and retail markets on Long Island saw either no change or slight increases in their respective vacancy rates in the third quarter of this year.

All three sectors did enjoy increases in rental rates over that three-month period, according to a report authored by Ron Koenigsberg, president of American Investment Properties, Inc. of Garden City.

The Nassau and Suffolk County office market ended the third quarter with a vacancy rate of 9.9%. This is a very slight increase from the close of the second quarter of 2014 with vacancy rates at 9.8%. The Nassau and Suffolk County industrial market ended the third quarter with a vacancy rate of 4.9%. The vacancy rate at the end of the second quarter of 2014 was 4.8% and at the end of the first quarter the rate stood at 4.7%. Long Island's retail market was flat in the third quarter, posting the same market vacancy rate of 4.9% from the close of the second quarter to the end of the third quarter in 2014.

Koenigsberg states that rental rates in Nassau and Suffolk County's office market, at the close of the third quarter of 2014 were up to $25.23 per square foot, an increase in rental rates from the second quarter of approximately 1.4% when rates stood at $24.88 per square foot.

Long Island's average industrial rental rate increased 1.4% from $9.29 per-square-foot in the second quarter to an average of $9.42 per-square-foot at the end of the third quarter.

In terms of the retail market, Koenigsberg says that rates have been increasing steadily over the past four quarters to the current average rental rate of $23.98 per-square-foot at the end of the third quarter.

“With vacancy rates decreasing, and rental rates increasing, this signifies that the Long Island retail market is indeed healthy and thriving,” he says.