The NYC industrial market sent mixed signals in the third quarter, with leasing velocity dropping nearly by half while positive net absorption and average asking rents increased.
Leasing activity in Q3 2023 was about 525,000 square feet, a quarter-over-quarter decrease of more than 47% and a year-over-year drop of nearly 30%, according to a market report from CBRE.
The overall vacancy rate in NYC's industrial market dropped by 20 basis points (bps) to 5.5% in the third quarter, with the Class-A vacancy rate dipping to 3.6%. The average asking rent citywide for all asset classes increased by 2.4% to $26.74 per square foot.
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