The Priciest Industrial Markets
Commercial Observer
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New York City’s expensive for pretty much everybody — and that includes industrial tenants. Fresh data show that the city’s outer boroughs are now likely the most expensive in the nation to rent industrial space. Also for today: The latest plot twist in the WeWork drama draws in landlords who might be left holding some pretty expensive baggage should the coworking company pack it in.
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— Tom Acitelli, Deputy Editor
NYC’s Outer Boroughs Overtake San Francisco as Most Expensive Industrial Market
Industrial space in New York City’s outer boroughs has reclaimed the top spot as the most expensive industrial market in the country, overtaking the San Francisco Peninsula, according to a Cushman & Wakefield report. Overall industrial asking rents in the outer boroughs — which covers the Bronx, Brooklyn, Queens and Staten Island — rose slightly to $26.02 per square foot in the third quarter of 2023, enough to make it the most expensive of 83 industrial markets C&W tracks. Even with the bump, asking rents in the outer boroughs have plateaued this year after rising steadily the past two years, according to the report, which covers 1,856 renter-occupied buildings larger than 20,000 square feet.
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How WeWork’s Bankruptcy Would Ripple Through Commercial Real Estate
Is WeWork in danger of becoming WeWorked? The drama surrounding the coworking pioneer and New York City’s onetime largest private office tenant has already played out in business journals, mainstream newspapers, books, a documentary and even an Apple TV series. Tales abound of damage to investors (such as SoftBank), revolving leadership (CEO Sandeep Mathrani left in May), and more. Now, as the company confronts self-confessed existential challenges, what happens next after the latest cliffhangers could cause a lot of collateral damage to landlords who were once eager to rent to WeWork and the clients who have in turn rented from it.
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1 年Thanks for posting. Great info