Q4 2020 posted 870,000 sq. ft. of leasing in a year that saw a total of more than 7.2 million sq. ft. of industrial space leased in New York City.

E-commerce companies continued to lease Class A warehouse and distribution space, but a lack of large available units drove down the average lease size.

The availability rate rose slightly quarter-over-quarter to 8.2%.

Properties under construction totaled 2.1 million sq. ft.

Nearly 6.6 million sq. ft. of planned and proposed projects are in the pipeline.