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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

6 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. Presently it is one of the regions with a high grouping of craftsmanship offices in New York while proceeding to be a living and business district.The zone is situated on the shore of the Hudson River, sitting above Midtown Manhattan and its high rises.

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 airport, it takes only 20-30 minuts, which you could take by car or using the train.

 Long Island City Office Space for lease

Truly, Long Island City was home to numerous  manufacturing organizations, production lines and pastry shops, which are not working for a long time. All things considered, it has held a large portion of this mechanical scene, where the block structures have since quite a while ago changed their motivations. 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. Sublease 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%.

The distinction of these costs is noticeable, when searching  the accessible business property information bases, one may discover  that Long Island City office space rent rates are significantly less  than the normal costs in New York City.

LIC office space rent prices: around $55 per square foot for Class A buildings,  Class B is around: $40 per SF and Class C  office building is: $30 per square foot. 

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 significant fascination for youngsters, appreciated designers work and entrepreneurs, which are pulled in by the huge amount of available space for lease or sale and the attractive prices and good deals in the area. A lot of new developments to be finalized soon, so the interest for office spaces for lease is probably going to keep 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.

Broadway Line  yellow "N" train"Q" train"R" train"W" train
 Flushing Line Raspberry "7" train"7" express train

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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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