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Long Island City Office Space

LIC Long Island City, NY, Class B Office space 10,000-35,000 sf for lease

  • $30
  • $30/psf
Long Island City, Queens, NY, USA

10,000 – 20,000 – 35,000 sf,  Office space for lease 3-15 years term, will divide, build to suit,  Higher floors, Possession […]

  • 10000 - 20,000 Sq Ft
  • $30
  • $30/psf
  • Office Space
Details

Long Island City, Queens

4 months ago

Long Island City Office Space

Long Island City Office Space –  Long Island City is probably one of the most interesting areas in the New York area. Once a heartbeat of manufacturing and industrial businesses, Long Island city remains vital also nowadays.
Now it is one of the areas with a high concentration of art facilities in New York while continuing to be a living and business district.
The area is located on the shore of the Hudson River, overlooking Midtown Manhattan and its skyscrapers. As part of Queens, Long Island City is well connected with the mainland. You can easily cross the river – either by crossing the Queensboro Bridge or taking the Queens Midtown Tunnel. Suddenly you are in Midtown Manhattan. You cannot miss the fact that this area is pretty close to JFK international airport – just 15 miles, which you could take by car or using the JFK AirTrain.

Office Space for lease in Long Island City

Historically, Long Island City was home to many industrial companies – factories and bakeries – which are not working for many years. Still, it has retained most of this industrial landscape, where the brick buildings have long changed their purposes. The transformation has changed many of those buildings, which now mix condos with office areas and business buildings to lease space.
The area is home to many high-rise buildings – Gantry Plaza State Park, Citicorp Building, Skyline Tower and City Lights to name a few.
That mixtures of housing complexes and business buildings, including several corporate headquarters, makes it an ideal location for companies to lease office space as they are close to employees and Manhattan. Now millennials love the waterfront views and the short commute to the adjacent Manhattan.
How all this is reflected in the market for office spaces for rent or lease?

Demand and prices for office space for rent in Long Island City

The overall market in the wider Brooklyn and Queens area asks between $25 and $65 per square foot. Specifically traditional offices in Long Island City asks around $35-45 psf, which puts it exactly in the middle of the price range.
Sub-lease rates are around $30-35 psf, which is also in the middle of the price range. The amount of  available space to rent or lease is close to 14 million square feet, but as the area is very trendy, the percentage of vacancy is already below 20%.
If you compare these prices to the publicly available commercial real estate leasing data, you will see that Long Island City office lease rates are below the average price for New York. They are around $55 per square foot for Class A buildings,  around $40 for a lease in a Class B  and $30 psf for  C Class Building.

Given its excellent location and the vicinity to major New York districts, Long Island City – with its major districts Hunting Point and Astoria – is a hub for modern living and office space rent. The area is hip and offers excellent conditions for a healthy work/life balance. This is a major attraction for young people, art lovers and businessmen, which are attracted by the plenty of spaces to rent or lease and the reasonable pricing the area offers. There are plenty of new projects to be finalized soon, so the demand for office spaces for rent is likely to continue growing.

Transportation in Long Island City

Long Island city – referred to often just as LIC – is easily accessible with the G, F, 7, N, R, W, E, and M trains, as well as the Long Island Rail Road.

Long Island City Office Space
Office buildings class A, B, C, in NYC
Long Island City Office Space

MANHATTAN OFFICE SPACE MARKET INFORMATION

INVENTORY SF 376 M +1.0% Prior Period 373 M
UNDER CONSTRUCTION SF10.2 M -10.3%Prior Period 11.4 M
VACANCY RATE11.7% +1.0%Prior Period 10.7%
AVERAGE MARKET RENT/SF$76.15 +1.2%Prior Period $75.25
MARKET SALE PRICE/SF$904 +2.9%Prior Period $878
MARKET CAP RATE4.3% Prior Period 4.3%

Availability
Vacant SF 40.7 M Sublet SF 11.8 M
Availability Rate 18.3% Available SF 65.8 M
Available average Asking Rent/SF $60.04
Occupancy Rate 88.3% Percent Leased Rate 91.5%
Office Sales Past Year
Asking Price Per SF $701
Sale to Asking Price Differential -1.4%
Sales Volume $7.5 B
Properties Sold 104
Months to Sale 11.0
For Sale Listings 142
Total For Sale SF 1.3 M

Demand
12 Months Net Absorp % of Inventory -0.1%
12 Months Leased SF 32 M
Months on Market 8.2
Months to Lease 12.1
Months Vacant 11.0
24 Months Lease Renewal Rate 35.1%
Population Growth 5 Years 3.0%

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