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New York & Tri-State  + Uptown/Bronx  + Industrial  | 
511 Barry Street The Bronx CenterPoint Properties

NYC Industrial Leasing Holds Strong Despite Limited Availability

New York City’s industrial real estate market posted 864,000 square feet of leasing activity during the third quarter of 2021, up 47% from Q2 although there were no blockbuster deals, according to CBRE’s Q3 market report. Accordingly, the average asking rent for all asset classes citywide increased by 2% from Q2. 
 
“NYC’s industrial sector exhibited strength, despite the lack of major leases,” said Nicole LaRusso, CBRE director of research & analysis. “Given the availability rate of just 2.2% for large, this issue is a lack of supply, not one of demand, which is very strong especially among third-party logistics companies and e-commerce firms.  

“Despite the limited availability, the market has seen year-to-date leasing total over 2.3 million square feet,” she continued. “With 13 properties currently under construction totaling more than 4.9 million square feet, NYC’s industrial market should see leasing pick up as these new properties come on line.” 

Pictured: CenterPoint Properties’ 511 Barry St. in the Bronx.

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CBRE’s LaRusso

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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