Current Industrial Real Estate Rental Trends in New York
New York City real estate has seen an increase in demand and prices in residential and commercial markets over the recent quarter, and industrial real estate appears to be on a similar positive track. In Q2 2021, leasing activity rose to 585,000 sq. feet of leased industrial space while rent remained stable, increasing by just over 1% over Q1 2021. There is a current shortage of available space, but the city expects more inventory to come online as new development projects get moving.
Current Industrial Real Estate Sales Trends in New York
New York City industrial real estate sales saw a boom in Q2 2021, with sales totaling almost 1.7 million sq. feet of space sold over 43 sales. The sales in Q2 totaled over $700 million. This was an over 200% increase over Q1 2021, which only saw 530,000 sq. feet of industrial real estate space sold. There are nearly 4 million sq. feet of industrial properties currently under construction with just over another 2.5 million square feet of properties planned or proposed to the city.
How Does This Affect Me?
If you seek an industrial rental space or purchase, you must act quickly, as space is limited. If you are facing eviction or foreclosure issues, at least partly due to the COVID-19 pandemic, then it is important to understand your legal options and if there is any assistance. While the eviction moratorium only paused residential evictions, business owners continued trying to survive with their business while facing the potential of eviction or foreclosure the whole way. Just because NYC is rebounding as a whole doesn't mean everyone is ok. If you are facing eviction, foreclosure, or other real estate questions, call us to help!
Get Professional Assistance
To schedule a consultation with an experienced attorney at The Law Offices of Melvin Monachan, call us at (347) 389-1682 or contact us online.