The rising availability of storefronts in Manhattan slowed on a quarterly basis for the first time since the pandemic began, as only two of
the 11 submarkets recorded higher availability rates than in the second quarter of 2021.
The New York Outer Boroughs' industrial market, tenant demand climbed throughout the third quarter amid the backdrop of the strengthening local economy, which helped push the vacancy rate to a low last recorded one year ago. At 4.7%, the rate ticked lower by 20 basis points (bps) since the previous quarter, propelled by healthy occupancy gains in Queens which yielded a 50-bp decline.
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