New York, NY – April 25, 2024 – Cushman & Wakefield, a leading global real estate services firm, today released its first quarter 2024 industrial statistics for the New York Outer Boroughs, showing a strong start to the year for leasing and absorption, as vacancy rates and rents remained stable.
“After a strong finish in 2023, the New York Outer Borough industrial market has had a red-hot start to the year, with the market exhibiting the strongest first quarter new leasing activity in several years,” said Dimitri Mastrogiannis, Senior Research Analyst at Cushman & Wakefield. “The industrial market has continued to be a bright spot in New York’s commercial landscape as demand continues to outweigh supply.”
The New York Outer Borough industrial market exhibited the strongest first quarter new leasing activity since 2019 at an impressive 1 million square feet (msf), up 171.6% from last quarter.
Demand outweighed supply for the third consecutive quarter, with nearly 500,000 sf of positive absorption. The overall vacancy rate of 4.5% remained stable, with decreases in the Bronx and Queens markets. Direct average asking rents dipped by $0.32 per square foot (psf) since last quarter to $28.14 as high-quality spaces leased.
“While direct average asking rents experienced a slight decrease, the market’s stable overall vacancy rate and expanding development pipeline serve as a great indicator of continued growth and demand for high-quality industrial space within New York City,” added Mastrogiannis.
Over the first quarter, the Outer Borough industrial development pipeline expanded, with 1.5 msf currently under construction and 414,000 sf already delivered this year.
New York Outer Borough Industrial Market Exhibits Strongest First Quarter New Leasing Activity Since 2019
Jayden Lapin-Tatman • 4/25/2024
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.