Insights
New York
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VACANCY
Distribution / Warehousing
Average Vacancy Rate 7.7%
- Drifted upward by 20 basis points.
- Expected to finish 2019 at.
RENT
Distribution / Warehousing
Average Asking Rent $5.69
- Up 0.2% from year-end 2018.
- Expected to finish 2019 at.
VACANCY
Apartment
The average Vacancy Rate was 4.0% in the Buffalo metro
- Vacancy in the Buffalo metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 4.2% in the Buffalo metro.
Distribution / Warehousing
The average Vacancy Rate was 2.8% in the Buffalo metro
- Vacancy in the Buffalo metro drifted upward by 40 basis points.
- The Buffalo metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 2.7% in the Buffalo metro.
Office
The average Vacancy Rate was 16.2% in the Buffalo metro
- Vacancy in the Buffalo metro drifted upward by 10 basis points.
- The Buffalo metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 15.8% in the Buffalo metro.
Retail
The average Vacancy Rate was 12.0% in the Buffalo metro
- No vacancy change since Q1 2024 in the Buffalo metro.
- The Buffalo metro had the lowest vacancy level since Q1 2008.
- Vacancy is expected to finish 2024 at 12.0% in the Buffalo metro.
RENT
Apartment
The average Asking Rent was $1,217 in the Buffalo metro
- Rent in the Buffalo metro was up 0.5% from Q1 2024.
- Rent is expected to finish 2024 at $1,228 in the Buffalo metro.
Distribution / Warehousing
The average Asking Rent was $7.32 in the Buffalo metro
- Rent in the Buffalo metro was up 0.1% from Q1 2024.
- Rent has risen in every quarter since year-end 2020 in the Buffalo metro.
- Rent is expected to finish 2024 at $7.45 in the Buffalo metro.
Office
The average Asking Rent was $18.30 in the Buffalo metro
- Rent in the Buffalo metro was down 0.2% from Q1 2024.
- Rent is expected to finish 2024 at $18.48 in the Buffalo metro.
Retail
The average Asking Rent was $12.63 in the Buffalo metro
- Rent in the Buffalo metro was up 0.1% from Q1 2024.
- Rent is expected to finish 2024 at $12.74 in the Buffalo metro.
VACANCY
Apartment
The average Vacancy Rate was 4.6% in the Long Island market
- Vacancy in the Long Island market drifted upward by 40 basis points.
- The Long Island market had the highest vacancy level since Q1 1999.
- Vacancy is expected to finish 2024 at 4.7% in the Long Island market.
Distribution / Warehousing
The average Vacancy Rate was 3.0% in the Long Island market
- Vacancy in the Long Island market drifted downward by 30 basis points.
- The Long Island market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 3.0% in the Long Island market.
Flex / R&D
The average Vacancy Rate was 4.7% in the Long Island market
- Vacancy in the Long Island market drifted upward by 30 basis points.
- The Long Island market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 4.5% in the Long Island market.
Office
The average Vacancy Rate was 14.3% in the Long Island market
- The Long Island market had the third lowest vacancy in the nation, and the second in the Northeast region, behind only New York Metro.
- Vacancy in the Long Island market increased by 70 basis points.
- The Long Island market had the highest vacancy level since Q3 1999.
Retail
The average Vacancy Rate was 8.4% in the Long Island market
- Vacancy in the Long Island market drifted downward by 30 basis points.
- The Long Island market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 8.2% in the Long Island market.
RENT
Apartment
The average Asking Rent was $2,520 in the Long Island market
- Rent in the Long Island market was up 0.2% from Q1 2024.
- Rent is expected to finish 2024 at $2,550 in the Long Island market.
Distribution / Warehousing
The average Asking Rent was $10.03 in the Long Island market
- Rent in the Long Island market was down 0.3% from Q1 2024.
- Rent is expected to finish 2024 at $10.22 in the Long Island market.
Flex / R&D
The average Asking Rent was $13.98 in the Long Island market
- The Long Island market had the lowest rent growth in the nation.
- Rent is expected to finish 2024 at $14.21 in the Long Island market.
Office
The average Asking Rent was $29.22 in the Long Island market
- Rent in the Long Island market was up 0.3% from Q1 2024.
- Rent is expected to finish 2024 at $29.35 in the Long Island market.
Retail
The average Asking Rent was $28.92 in the Long Island market
- Rent in the Long Island market was up 0.2% from Q1 2024.
- Rent Has risen for six consecutive quarters in the Long Island market.
- Rent is expected to finish 2024 at $29.19 in the Long Island market.
VACANCY
Apartment
The average Vacancy Rate was 3.2% in the New York Metro
- The New York Metro had the seventh lowest vacancy in the nation and the fourth lowest in the Northeast.
- Vacancy in the New York Metro drifted downward by 10 basis points.
- The New York Metro had the lowest vacancy level since year-end 2016.
Distribution / Warehousing
The average Vacancy Rate was 1.3% in the New York Metro
- The New York Metro had the second lowest vacancy in the nation, behind only Lexington.
- Vacancy in the New York Metro drifted upward by 20 basis points.
- Vacancy is expected to finish 2024 at 1.3% in the New York Metro.
Office
The average Vacancy Rate was 13.2% in the New York Metro
- The New York Metro had the lowest vacancy in the nation.
- Vacancy in the New York Metro drifted upward by 40 basis points.
- The New York Metro had the highest vacancy level since Q1 1998.
RENT
Apartment
The average Asking Rent was $4,186 in the New York Metro
- Rent in the New York Metro was up 0.7% from Q1 2024.
- Rent is expected to finish 2024 at $4,233 in the New York Metro.
Distribution / Warehousing
The average Asking Rent was $21.84 in the New York Metro
- Rent in the New York Metro was up 0.5% from Q1 2024.
- Rent has risen in every quarter since Q3 2020 in the New York Metro.
- Rent is expected to finish 2024 at $22.25 in the New York Metro.
Office
The average Asking Rent was $76.12 in the New York Metro
- Rent in the New York Metro was up 0.4% from Q1 2024.
- Rent is expected to finish 2024 at $76.57 in the New York Metro.
VACANCY
Apartment
The average Vacancy Rate was 2.5% in the Rochester metro
- The Rochester metro had the second lowest vacancy in the nation, behind only Central New Jersey.
- Vacancy in the Rochester metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2024 at 2.3% in the Rochester metro.
Distribution / Warehousing
The average Vacancy Rate was 2.4% in the Rochester metro
- The Rochester metro had the sixth lowest vacancy in the nation and the third lowest in the Northeast.
- Vacancy in the Rochester metro drifted upward by 10 basis points.
- The Rochester metro had the highest vacancy level since Q2 2022.
Office
The average Vacancy Rate was 19.9% in the Rochester metro
- Vacancy in the Rochester metro increased by 90 basis points.
- The Rochester metro had the highest vacancy level since year-end 2020.
- Vacancy is expected to finish 2024 at 20.4% in the Rochester metro.
Retail
The average Vacancy Rate was 14.1% in the Rochester metro
- No vacancy change since Q1 2024 in the Rochester metro.
- The Rochester metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 13.9% in the Rochester metro.
RENT
Apartment
The average Asking Rent was $1,261 in the Rochester metro
- Rent in the Rochester metro was up 0.7% from Q1 2024.
- Rent is expected to finish 2024 at $1,274 in the Rochester metro.
Distribution / Warehousing
The average Asking Rent was $6.93 in the Rochester metro
- Rent in the Rochester metro was down 0.1% from Q1 2024.
- Rent is expected to finish 2024 at $7.06 in the Rochester metro.
Office
The average Asking Rent was $17.72 in the Rochester metro
- The Rochester metro remained flat rent since Q1 2024.
- Rent is expected to finish 2024 at $17.80 in the Rochester metro.
Retail
The average Asking Rent was $14.19 in the Rochester metro
- The Rochester metro had the second fastest rent growth in the nation, behind only Rochester.
- Rochester metro had its fastest rent rate of increase since Q2 2006.
- Rent Has risen for six consecutive quarters in the Rochester metro.
VACANCY
Apartment
The average Vacancy Rate was 3.7% in the Syracuse metro
- Vacancy in the Syracuse metro drifted downward by 30 basis points.
- The Syracuse metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 3.4% in the Syracuse metro.
Distribution / Warehousing
The average Vacancy Rate was 1.7% in the Syracuse metro
- The Syracuse metro had the third lowest vacancy in the nation, and the second in the Northeast region, behind only New York Metro.
- Vacancy in the Syracuse metro drifted downward by 30 basis points.
- The Syracuse metro had the lowest vacancy level since Q1 2017.
Office
The average Vacancy Rate was 15.7% in the Syracuse metro
- The Syracuse metro had the tenth lowest vacancy in the nation and the third lowest in the Northeast.
- Vacancy in the Syracuse metro drifted upward by 40 basis points.
- The Syracuse metro had the highest vacancy level since Q3 2013.
Retail
The average Vacancy Rate was 16.7% in the Syracuse metro
- The Syracuse metro had the second highest vacancy in the nation. Only Birmingham is currently softer.
- Vacancy in the Syracuse metro fell by 50 basis points.
- Vacancy is expected to finish 2024 at 16.5% in the Syracuse metro.
RENT
Apartment
The average Asking Rent was $1,130 in the Syracuse metro
- Rent in the Syracuse metro was up 0.7% from Q1 2024.
- Rent is expected to finish 2024 at $1,149 in the Syracuse metro.
Distribution / Warehousing
The average Asking Rent was $4.84 in the Syracuse metro
- Rent in the Syracuse metro was up 0.6% from Q1 2024.
- Rent has risen in every quarter since Q2 2020 in the Syracuse metro.
- Rent is expected to finish 2024 at $4.92 in the Syracuse metro.
Office
The average Asking Rent was $16.77 in the Syracuse metro
- Rent in the Syracuse metro was up 0.1% from Q1 2024.
- Rent is expected to finish 2024 at $16.86 in the Syracuse metro.
Retail
The average Asking Rent was $13.35 in the Syracuse metro
- Rent in the Syracuse metro was up 0.2% from Q1 2024.
- Rent is expected to finish 2024 at $13.42 in the Syracuse metro.
VACANCY
Apartment
The average Vacancy Rate was 7.6% in the Westchester metro
- Vacancy in the Westchester metro drifted downward by 20 basis points.
- The Westchester metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 7.8% in the Westchester metro.
Distribution / Warehousing
The average Vacancy Rate was 5.7% in the Westchester metro
- No vacancy change since Q1 2024 in the Westchester metro.
- Vacancy is expected to finish 2024 at 5.5% in the Westchester metro.
Office
The average Vacancy Rate was 25.9% in the Westchester metro
- Vacancy in the Westchester metro drifted upward by 20 basis points.
- The Westchester metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 26.3% in the Westchester metro.
Retail
The average Vacancy Rate was 10.4% in the Westchester metro
- Vacancy in the Westchester metro drifted downward by 40 basis points.
- The Westchester metro had the lowest vacancy level since year-end 2019.
- Vacancy is expected to finish 2024 at 10.2% in the Westchester metro.
RENT
Apartment
The average Asking Rent was $3,008 in the Westchester metro
- The Westchester metro had the second fastest rent growth in the nation, behind only Wichita.
- Westchester metro had its fastest rent rate of increase in eight quarters.
- Rent is expected to finish 2024 at $3,074 in the Westchester metro.
Distribution / Warehousing
The average Asking Rent was $12.18 in the Westchester metro
- Rent in the Westchester metro was up 0.6% from Q1 2024.
- Rent has risen in every quarter since Q3 2020 in the Westchester metro.
- Rent is expected to finish 2024 at $12.40 in the Westchester metro.
Office
The average Asking Rent was $30.58 in the Westchester metro
- The Westchester metro remained flat rent since Q1 2024.
- Rent is expected to finish 2024 at $30.73 in the Westchester metro.
Retail
The average Asking Rent was $39.14 in the Westchester metro
- Rent in the Westchester metro was up 0.2% from Q1 2024.
- Rent is expected to finish 2024 at $39.46 in the Westchester metro.