Industrial tenants are willing to pay more to be based in Brooklyn over more traditional locations outside the City. A closer location provides for lower transportation costs and decreased delivery time to New York City residents.
Industrial rents are rising in the tri-state area. Vacancy rates are dropping. Currently 3.9 million square feet of new industrial space is under construction – which still may not keep up with demand.
If you’re in the market for industrial space you better get it now, contact GE Grace. Call George at 646 312 6800.