New York City Industrial Figures Q3 2022
October 14, 2022
‒ Third quarter leasing velocity was over 740,000 sq. ft., only 2.5% lower than the two-year average.
‒Year-to-date leasing velocity totaled nearly 2.2 million sq. ft.
‒The availability rate for all asset classes decreased 30 basis points (bps) to 6.7% from Q2 2022 and decreased 140 bps from Q3 2021.
‒The Class A availability rate decreased by 230 bps to 7.5%.
‒The average asking rent for all asset classes increased 5% quarter-over-quarter to $26.72 per sq. ft. The average asking rent for Class A properties remained constant quarter-over-quarter at $29.60 per sq. ft.
‒Thirteen properties totaling nearly 6.9 million sq. ft. are under construction and twelve buildings totaling 3.1 over million sq. ft. are planned or proposed.