Brooklyn and Long Island City office outlook - Q1 2019

Outer boroughs office market gains leasing momentum

May 13, 2019

Leasing activity throughout the outer boroughs rebounded from a tepid 2018 in the first quarter of 2019. The 1.5 million square feet of leasing volume represented more than 3.0 percent of the total inventory, the second-greatest quarterly total on record and a 39 percent jump over the two prior quarters combined. Several large-block deals were signed during the quarter, as firms sought the outer boroughs’ competitive cost and access to talent.

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