2024 Queens Industrial Market Report
Queen Three Key Takeaways
- User Activity: The buyer profile in 2024 showed a great deal of aggression amongst first-time user buyers. 57.3% of recorded transactions were bought by users, and these users paid 10.7% more on average than investors.
- Size Matters: Throughout 2024, the most aggressive pricing was seen on transactions of buildings under 10k square feet, with these smaller properties trading on average for 35.4% more than their larger counterparts. Furthermore, much of the stale inventory on the market (over six months) is larger product. There are a total of 27 listings that have been on the market since June 1, 2024 or earlier, with 67% of these listings being greater than 10k SF. The average asking price per SF for these listings is $411, well under the average sold price. These larger properties provide pockets of value at price points where the typical user cannot be as competitive.
- Velocity in Jamaica: With six transactions, totaling $35.7M, Jamaica was one of the top performing neighborhoods in terms of transaction velocity*. Jamaica has seen massive development and growth in recent years, largely due to its access to a variety of transit options, increasing its desirability as a neighborhood for businesses and residents alike. The recent passing of the City of Yes initiative should spur even more development. Jamaica is expected to continue its performance as a hot neighborhood in 2025.
Market Overview
In 2024, industrial in Queens remained one of the strongest asset types in the boroughs, driven primarily by enduser demand. Several transactions changed hands at record prices, where other asset types suffered due to the economic environment.
- There was a total of 75 industrial sales over $1M in 2024, totaling $425.6M in dollar volume. This is a 20.97% increase in total sales and a 5.72% increase in transaction volume over 2023.
- The average deal size was $4.6M for warehouse transactions, and $8.8M for land.
- The average price per SF for warehouse space was $437/SF, while industrial land averaged $279/SF.
- 57.3% of transactions were bought by end users, with 65.6% of these being first-time buyers.
Industrial Transactions by Neighborhood
| Neighborhood | Transactions | Sales Volume | Neighborhood | Transactions | Sales Volume | |
| Astoria | 10 | $31,493,500 | Ozone Park | 5 | $16,490,000 | |
| College Point | 3 | $19,050,000 | Richmond Hill | 1 | $2,200,000 | |
| Jamaica | 6 | $35,700,000 | Ridgewood | 2 | $10,722,000 | |
| Long Island City | 10 | $59,870,000 | Sunnyside | 4 | $23,450,000 | |
| Maspeth | 7 | $32,595,000 | Woodside | 5 | $12,410,000 |
Market Inventory
- Current market asking rent is $21.92/SF, showing little to no change over the prior period.
- Current vacancy rate is 7%, a significant increase over the previous period’s 5.8%.
- There is currently 1.9M SF of industrial space on market for sale, with an average asking price of $469/SF.
- The majority of on market inventory is located in Long Island City, with approximately 656,000 SF of space available for sale, across 18 listings.
