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NY Outer Boroughs Had Record High Industrial Asking Rents in Q4
New York outer boroughs’ industrial market remained robust despite an overall slowdown in deal volume in the third quarter, according to Cushman & Wakefield’s report.
Although 2023 saw a slowdown in deal volume, fourth-quarter leasing activity surged by 17.6%. Direct average asking rents soared to a record high of $28.20 per square foot, with a substantial $2.11 per square foot increase over the previous quarter. Yet, the overall vacancy rate ticked up to 4.8%, driven by new Class A construction deliveries in the Bronx, Brooklyn, and Queens.
“The New York outer boroughs’ industrial sector had a strong year. We saw a substantial increase in direct average asking rents and several Class A new construction deliveries, which is a positive sign for the market, as it shows the continued growth and demand for quality industrial space in New York City,” said Dimitri Mastrogiannis, Senior Research Analyst at Cushman & Wakefield.
- ◦Lease
