NYC's industrial market maintained the momentum of a banner year in the fourth quarter with a 106% surge in leasing velocity to 1.5M SF, and more than 600K SF of net positive absorption.
The Big Apple notched an annual leasing velocity of 3.7M SF in 2022, a 23% increase over the total for 2021, according to CBRE's Q4 market report. The leasing activity in Q4 was 32% higher than the three-year average for NYC.
Class A deliveries—there were two warehouses encompassing 1.1M SF in the fourth quarter and there are 10 more under construction that will bring nearly 6M SF of new space—are expected to keep leasing activity strong and perhaps even move the needle higher on asking rates in NYC.
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