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NYC Industrial Property Sales Slow by 33% in 2022’s Second Half
Sales of industrial properties in New York City’s boroughs slowed considerably in the second half of 2022, brokerage firm AEBOV reported Wednesday. The firm noted that many investors struggled to find their footing in an environment that saw Federal Reserve interest rates climb 350 basis points over the six-month period.
There were 46 recorded sales of industrial properties in the outer boroughs during 2022’s second half, tallying more than $454 million in dollar volume and accounting for nearly 800,000 square feet of space. These numbers marked a 33% decrease in transaction volume, a 76% decrease in dollar volume, and a 73% decrease in square footage sold from H1.
Conversely, as the market witnessed a decrease in the number of investor acquisitions it saw an increase in deal flow to users buying mission-critical real estate. These groups tend to be less sensitive to borrowing rates, reported AEBOV.
- ◦Sale/Acquisition
