NY Tri-State Industrial Real Estate Sets New Sales Records
Total New York Tri-State industrial real estate investment volume of $5.24 billion in the fourth quarter of 2021 brought the full-year total to $10.62 billion, both record levels, according to a CBRE report prepared by the firm’s Nicole LaRusso and Ben Wurtzel. Industrial was the third-largest sector for Tri-State investment volume in 2021 behind office ($15 billion) and multifamily ($17.1 billion).
Cross-border investment in Tri-State industrial was up 60% year-over-year to $1.28 billion in 2021. Foreign capital accounted for 12% of the region’s industrial investment volume last year, compared to 10% for all asset types.
New Jersey was the most active region for investment volume with $5.21 billion in sales in 2021, followed by New York City with $3.55 billion.
Tri-State industrial cap rates have compressed in recent years. However, CBRE’s report says cap rates could potentially rise in the coming year as economic uncertainty impacts investor sentiment.
- ◦Sale/Acquisition
