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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.
- ◦Lease
- ◦Development
