New York & Tri-State + New York + Industrial | April 13, 2023

Sapient Equities has sold the industrial warehouse at 293 Ella Grasso Turnpike in Windsor Locks, CT.

CBRE NYC Q1 Industrial Report: Market Returns to Normalcy

CBRE has released its 2023 Industrial Figures report for the first quarter, which shows that the industrial real estate market in New York City remains healthy. However, economic pressures such as rising interest rates and persistent inflation are still restraining consumer spending.

While demand for space has cooled to pre-pandemic levels, pricing is still moderating. Leasing velocity, which includes new leases and renewals, decreased to 730,000 square feet in Q1 2023, a quarter-over-quarter decrease of 52.0% and 25.6% lower than the three-year average.

The availability rate for all asset classes dropped by 30 bps quarter-over-quarter to 6.5%, while the Class A availability rate declined by ten basis points to 6.2%. Meanwhile, the average asking rent for all asset classes increased by 2.1% quarter-over-quarter and 13.7% year-over-year to $25.59 per square feet.

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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