Sale prices for industrial properties reach all-time highs in New York City and nearby New Jersey as logistics companies seek strategic located positioning for last-mile deliveries to a burgeoning base of e-commerce consumers. Sales of well-located development sites in NYC Outer Boroughs have begun increasing past $200 per developable square foot, while existing properties are renting between $20 and $30 per square foot and selling for more than $300 to $400 per square foot (building area).
"“Every investor, both institutional and private, is looking to purchase buildings in the . . . boroughs,” says Stan Danzig, vice chairman of Cushman & Wakefield. “Anyone who owns a building in Long Island City or Brooklyn or Queens . . . is taking a second look at industrial. It’s a lot less work and a lot less capital [to keep it industrial].” - Mo Beler, managing director at JLL Capital Markets