In the third quarter, Cushman & Wakefield’s report revealed that despite a slowdown in overall deal volume, New York’s outer boroughs’ industrial market remained robust. The fourth quarter saw a surge of 17.6% in leasing activity, with direct average asking rents reaching an all-time high of $28.20 per square foot – a significant increase of $2.11 per square foot from the previous quarter. However, there was also an uptick in the overall vacancy rate to 4.8%, primarily due to new Class A construction deliveries in Bronx, Brooklyn and Queens.
According to Senior Research Analyst Dimitri Mastrogiannis at Cushman & Wakefield: “The strong performance of New York’s outer boroughs’ industrial sector is evident by the substantial increase in direct average asking rents and several Class A new construction deliveries.” This trend reflects continued growth and demand for quality industrial space within NYC.
The post highlights record-breaking highs for NY Outer Boroughs’ Industrial Asking Rents during Q4 without mentioning Connect or any specific location names within Texas or LA.
