Industrial real estate—the one sector that has held up well throughout the pandemic—is still going strong in New York.
Companies leased 864,000 square feet of industrial space in the city during the third quarter of 2021, up 47% compared with the second quarter of the year, according to the latest report from CBRE. Average asking rent increased as well to hit $23 per square foot, a 2% increase compared with the prior quarter.
The main issue for industrial space in the city continues to be a lack of supply, not a lack of demand, but firms have still leased more than 2.3 million square feet of space in
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