New York City's industrial market in 2024 is seeing deliveries of mega-warehouses without any pre-leasing commitments.
The slowdown in demand combined with an increase in availabilities across all Class segments pushed vacancy to 3.1% at the end of the year and severely impacted "mega-box" developments, according to JLL's Q4 market report for NYC Outer Boroughs.
"This normalized demand environment has caused new projects to deliver vacant for the first time in NYC, which differs from previous years when the market saw nearly all construction projects deliver fully preleased," JLL's report said.
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