NEW YORK CITY-Industrial brokers say that biding wars for industrial space in New York City were commonplace in 2013. The high demand for space has created very tight conditions in the industrial real estate market here.
"I've never seen a tighter market," says Jeff Marshall, a broker at Kaplon Belo Affiliates in Long Island City, Queens.
The average asking rent per square foot for industrial space in the outer New York City boroughs rose nearly 25% to $14.25 last year as compared to pricing in mid-2011, according to commercial real estate research firm CoStar. In the past year alone, the average rent climbed an estimated 10%, according to Crain's New York Business.
"Last year was sort of a transition year, where pricing power for rents returned to the owners and the landlords," said CoStar's Rene Circ, director of research for industrial spaces. See story in Crain's New York Business.
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