New York Industrial Market Resilient Despite Coronavirus Pandemic

Significant job losses are predicted in every scenario released by Oxford Economics, but most forecasts project the New York industrial market to be relatively resilient. The e-commerce boom has driven outsize absorption in recent years, that difference between move-ins and move-outs will help keep the market’s fundamentals stable in the near term. At 4.3%, vacancies are near a record low and roughly 200 basis points below their historical average.