Demand continues to outpace supply in Long Island’s industrial market, driving rents to record heights. Leasing velocity reached 854K SF in Q2 2022, an increase of 56% from the quarterly average since 2019, according to JLL’s Q2 Industrial Insight report for the market.

Industrial vacancies are hovering at around 3.2% on Long Island, with direct asking rents rising to $18.45 per square foot. Year-to-date net absorption has been 640K SF—the highest level in the first half of any year on record, according to JLL.

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