New York City’s industrial real estate market continued to exhibit strong fundamentals in the first quarter, CBRE reported. While Q1 saw nearly 870,000 square feet of total leasing aross the five boroughs, with one major commitment by an e-commerce company, the lack of large, Class A availabilities curtailed any additional activity.
“While the office market is still reeling from the effects of the global pandemic, New York City’s industrial market continues to boast strong fundamentals,” said Nicole LaRusso, CBRE senior director of research & analysis.
Q1’s largest lease transaction was at 511 Barry St. in the Bronx’s Hunts Point submarket. An e-commerce company committed to 140,000 square feet.
On the investment sales front, the NYC industrial market recorded 22 investment and owner/user sales totaling more than 530,000 square feet. That’s a 15.8% increase in square footage sold compared to Q4 2020.
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).