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Article: NKF: Long Island market shifting in favor of tenants.(Sales & Leasing)(Newmark Knight Frank )
- Article from:
- Real Estate Weekly
- Article date:
- November 5, 2008
CopyrightCOPYRIGHT 2008 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Newmark Knight Frank expects roughly a half million square feet of office space to come available for lease or sublease on Long Island over next year in response to current economic pressures and continued job losses--particularly in the banking sector.
The office vacancy rate, which is currently at 11.3%, is expected to rise by an additional 1.5%-3% over in 2009, with the more likely scenario closer to 3%.
Asking rents for office space dropped to an average of $28.60/sf in the third quarter from $28.98 in the second and known taking rents are down further from that number. Meanwhile, landlord concessions such as free rent and work allowances are up, ...