The e-commerce Industrial Revolution
Average asking rents for industrial space in Brooklyn are now at about $20 a square foot, per Cushman, and several investors say newly built and renovated warehouses in the city can achieve rents upwards of $30 a square foot — comparable to prices that outer-borough office landlords were seeking a few years ago.
Jeff Milanaik, a partner at the industrial development and acquisitions firm Bridge Development, said he doesn’t expect demand for warehouse space in and around New York to fade anytime soon.
“It’s all focused on that same last mile,” he said.
But there’s a limit to how many warehouses people want to see in their neighborhoods.