Future Cities

Emerging Industrial Markets: New York City

August 11, 2023 3 Minute Read

New York City’s industrial demand is largely driven by e-commerce companies, third-party logistics providers and retailers seeking quick access to the over 20 million people living in the metropolitan region. Innovative, multi-story industrial projects have been built to meet the need for high-tech logistics space, overcoming a challenge of limited developable land.
John ReinertsenCBRE Executive Vice President


Approximately 20 million people—23% aged 18 to 34—live within 50 miles of New York City, and 61.6 million consumers live within 250 miles (representing most of the Northeastern U.S. population).

Figure 1: New York City Population Analysis

Source: CBRE Location Intelligence.

New York City’s warehouse labor force of 64,444 is expected to grow 21.6% by 2033, according to CBRE Labor Analytics. The average salary for a non-supervisory warehouse worker is $19.03 to $22.16 per hour, above the national average of $17.16. New York City’s unemployment rate was 5.9% as of June 2023, according to the NY State Department of Labor, versus 5.5% a year earlier. Over the same time period, the state’s unemployment rate rose from 4.1% to 4.3%.

Figure 2: New York City Warehouse & Storage Labor Fundamentals

Source: CBRE Labor Analytics.

Emerging Industrial Markets

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