New York City’s industrial market continued to perform well during second quarter 2020, despite the economic shutdown brought on by the COVID-19 pandemic, according to CBRE’s New York City Industrial MarketView. The report shows positive absorption of more than 575,000 square feet lowered the availability rate to 8 percent and the vacancy rate to 4.8 percent.
Quarterly leasing velocity, which includes new leases, expansions and renewals, totaled nearly 1.3 million square feet in the second quarter. Although the sector experienced a 54.9 percent decrease quarter-over-quarter, leasing velocity in the second quarter was on par with the six-quarter running average of 1.3 million square feet.
“The demand for warehouse and distribution space by e-commerce companies drove the sector’s leasing activity in the second quarter,” said Nicole LaRusso, director of research and analysi
