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NYC Outerboroughs Q2 2022 Industrial Market Snapshot

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Net Absorption Remains Positive Helping Lower the Availability Rate

 

The New York City’s Outer Boroughs industrial market demonstrated healthy market fundamentals amid supply constraints midway through 2022. The availability rate continued to decrease this quarter, improving 30 basis points from last quarter to 6.5%, as the market continued to absorb space for the third consecutive quarter.

 

Net absorption totaled positive 594,442 SF and was driven by the North Brooklyn and Northwest Queens submarkets posting 265,633 SF and 159,486 SF respectively, of positive net absorption.

 

The South Queens submarket recorded the lowest absorption total this quarter at negative 62,521 SF thus increasing the availability rate 70 basis points to 8.8%. Despite the recent increase, the availability rate is still 310 basis points lower than the previous year.

 

The shortage of available supply to lease in Staten Island continued as just 1.9% of the inventory is available, making it difficult for occupiers to find space to lease.

 


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NYC Outerboroughs Q2 2022 Industrial Market Snapshot

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