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NYC Industrial Enjoys “Robust” 2020, Despite Q4 Slowdown
Industrial leasing volume across New York City lost some momentum in the fourth quarter, with just over 870,000 square feet leased, CBRE’s Nicole LaRusso reported. Nonetheless the firm’s Q4 snapshot pronounces 2020 a “robust year for industrial real estate” across the city.
The CBRE report—focusing strictly on industrial within New York City, rather than its northern, eastern or western suburbs—tallies 7.2 million square feet of leases for the year. In Q4 as with 2020 as a whole, e-commerce dominated leasing.
However, CBRE reports, a lack of large available units drove down the average lease size. Q4 didn’t see any leases larger than a 90,000-square-foot deal at 2300 Linden Blvd. in East New York.
As the quarter ended, properties under construction totaled 2.1 million square feet. “Nearly all under-construction properties are multistory, Class A warehouse and distribution centers, meeting the market demand for modern, vertical industrial space,” the report states.
Pictured: Bronx Logistics Center.
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