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New York & Tri-State  + Outer  + Industrial  | 

New York City Industrial Sector Finishes 2022 Strong

The New York City industrial market is in good health as leasing activity gained momentum in fourth-quarter 2022, reported CBRE. Class A completions in 2023 are expected to contribute to even more robust leasing citywide while exerting upward pressure on average asking rents.  

Leasing velocity, including new leases and renewals, jumped to 1.5 million square feet in Q4, a quarter-over-quarter increase of 106% and a year-over-year increase of 115%. Annual leasing velocity was 3.7 million square feet in 2022, up 23% from 2021.  

The availability rate for all asset classes increased 10 basis point quarter-over-quarter to 6.8%, while Class A availability decreased by 120 bps to 6.3%. The average asking rent for all asset classes decreased by 1.7% quarter-over-quarter to $25.06 per square foot, while the average asking rent for Class A properties increased 1.1% quarter-over-quarter to $29.92 per square foot. 

Pictured: Brooklyn Logistics Center.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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