Figures

New York City Industrial Figures Q1 2024

April 9, 2024 5 Minute Read

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The first quarter of 2024 began with above average leasing driven by a variety of different tenant types. A lack of net absorption prevented any vacancy rate changes, but a robust development pipeline filled with Class A properties threatens to raise future vacancy. The average asking rent for all asset types increased 11% quarter-over-quarter to $29.95 per square foot (sq. ft.), while the average asking rent for Class A properties rose 20% quarter-over-quarter to $36.58 per sq. ft.