Year-over-year, the availability rate decreased 30 basis points (bps) to 10.6% but remained unchanged quarter-over-quarter.
Quarterly leasing activity totaled 353,000 sq. ft. during Q2 2020, a 28% decrease from the previous quarter and 26% below the five-year quarterly average for Long Island.
Net absorption totaled negative 28,000 sq. ft. in Q2 2020, after two previous quarters of positive absorption.
The overall average asking rent remained relatively stable quarter-over-quarter at $28.05 per sq. ft. but is up 2% since Q2 2019.
Class A availability decreased 120 bps year-over-year to 9.7%, with an average asking rent of $32.02 per sq. ft.