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NEW YORK—New York City's industrial real estate market reported a strong first quarter driven by demand for third-party logistics business space and storage needs for retailers, according to a report by CBRE Group.
Even as the region became the epicenter of the COVID-19 pandemic, quarterly leasing velocity was high at more than 2.8 million square feet and 700,000 square feet of renewals, primarily in warehouse and distribution properties.
The strong market was reflected in rising asking rates. The average asking rent rose by 10.6% quarter-over-quarter to $23.64 per square foot in a triple-net lease. Asking rents increased in all boroughs except for Queens, where rates remained unchanged.
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Cheryl Miller
Cheryl Miller, based in Sacramento, covers the state legislature and emerging industries, including autonomous vehicles and marijuana. She authors the weekly cannabis newsletter Higher Law. Contact her at [email protected]. On Twitter: @CapitalAccounts
