LI Office is On the Upswing, JLL Says

MELVILLE, NY-Long Island’s office sector finished 2013 with the lowest vacancy rate in five years on the strength of improving fundamentals and leasing activity, Jones Lang LaSalle said Tuesday. However, the firm noted that Suffolk County has seen vacancies tick up recently.

“This past year represented a major turning point for Long Island, with the market benefitting greatly from rising employment and strong transaction volume,” says EVP Raymond Ruiz, who heads JLL’s Long Island office. The island’s office market posted “the lowest vacancy rate we’ve seen in the past five years and leasing activity has reached a four-year high. Companies seeking aggressive leasing options can still find them in all submarkets across the island.”