Report | Brooklyn/Long Island City Office Outlook - Q2 2017
A large delta exists between new and existing buildings, in terms of both availability and asking rents, in the outer boroughs. Projects under construction or that have delivered since 2015 reported a 49.1 percent vacancy rate, while pre-2015 developments are much tighter at 11.8 percent. Still, increased leasing activity is expected in new developments over the next 18 months. Though with an unprecedented development pipeline at 11 million square feet, it remains to be seen whether demand will rise to absorb this vast supply.
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