The U.S. industrial sector is contending with a surge in available space, with New York experiencing a faster increase than other cities. Nationwide, a building boom has contributed to a growth of 1.3 billion square feet in U.S. industrial property in 2022 and 2023, marking the most rapid growth for any commercial property type in over 30 years, according to a recent CoStar analysis. Despite significant new construction, availability in New York is outpacing the national average.
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