New York City's industrial market got off to a strong start in the first quarter of 2024, with above average leasing of 1.1M SF driven by a variety of tenant types.
Average asking rent for Class A properties jumped by 20% quarter-over-quarter, to $36.58 per SF, while average asking rent for all asset types increased 11% to $29.95 per square foot, according to CBRE's market report.
The surge in leasing was offset by a lack of net absorption—which came in slightly positive at 81K SF—keeping the vacancy rate in NYC's industrial market hovering at 4.8%.
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