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<\/p>\nCompanies catering in-flight meals\u00a0and supporting airline operations are running out of options for warehouses near John F. Kennedy International Airport.<\/p>\n
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\n The market for industrial space around JFK Airport is getting increasingly competitive as its cargo capacity grows.\n <\/p>\n
Industrial tenants signed almost 770K SF in submarkets serving the airport in 2025, representing a 63.4% year-over-year increase, according to a Q4 Cushman & Wakefield<\/a>\u00a0report. Asking rents for triple-net leases eclipsed $30 per SF for the first time in the market\u2019s history, with no new construction underway.<\/p>\n \u201cThese properties are in an irreplaceable location,\u201d Seagis Property Group<\/a> Vice President of Leasing Jane Finkenstaedt said. \u201cThe fundamentals remain very strong, and the growth and redevelopment of the airport is only going to help that.\u201d<\/p>\n The submarket\u2019s vacancy peaked at almost 7% in 2024 and is now back down to levels close to 2023 at 6.4%, according to Cushman & Wakefield data.<\/p>\n That’s markedly below the citywide vacancy rate of 8.8% at the end of last year, after developers delivered 4.1M SF of industrial in 2024 and 2025, which was mostly vacant at the end of last year, according to Colliers<\/a>.<\/p>\n JFK Airport<\/a> is the busiest airport in the U.S. for low-value international e-commerce<\/a> packages, according to<\/a> the Port Authority of New York and New Jersey. It\u00a0was also the ninth-busiest cargo airport in the country in 2024, according to the\u00a0Bureau of Transportation Statistics<\/a>.<\/p>\n With the airport\u2019s new cargo terminal opening last year and plans for more renovated commercial terminals\u00a0to open<\/a>\u00a0between\u00a02026 and 2030<\/a>, the submarket\u2019s rent growth is likely to keep moving skyward, Finkenstaedt said.\u00a0<\/p>\n Seagis owns 46 industrial properties in Springfield Gardens, which borders JFK to the north and where the majority of tenants are either in logistics for the cargo coming through the airport or provide services for commercial flights.\u00a0<\/p>\n To accommodate its expected growth, the airport\u2019s $19B redevelopment included a new, 350K SF cargo facility on the tarmac \u2014 its first in 25 years \u2014 that opened\u00a0last April<\/a>.\u00a0It replaced two older facilities and is part of the airport\u2019s cargo space consolidation plan, which the Port Authority\u00a0has said\u00a0will free up land for future development.<\/p>\n Outside of the Port Authority-owned space within JFK, nearby submarkets that serve\u00a0the airport\u00a0combined have\u00a0roughly 7M SF of industrial space for the nearly\u00a01.7 million tons of cargo<\/a> that passed through the airport in 2024, Finkenstaedt said.<\/p>\n \n Courtesy of Cushman & Wakefield\n <\/p>\n \n Industrial triple-net asking rents were $30.08 per SF at the end of 2025 in the JFK Airport submarkets of New York, an all-time high, according to Cushman & Wakefield.\n <\/p>\n That\u2019s not a lot of space for that much cargo, Finkenstaedt\u00a0said. By comparison, Miami International Airport<\/a>\u2019s Doral West submarket has 10 times as much space for the 3.5 million tons<\/a> it saw last year, she said.<\/p>\n And, as is often the case in New York City, all of the infrastructure needed to handle that many packages and people is squeezed.<\/p>\n \u201cIt’s amazing how much cargo moves through such a tight pocket,\u201d Finkenstaedt said.<\/p>\n Consequently, vacancy rates in the submarkets that serve JFK \u2014 South Jamaica and Springfield Gardens in Queens, which both directly border JFK, and Inwood in Nassau County<\/a>, accessible via Rockaway Boulevard \u2014 fell by 40 basis points last year, according to Cushman & Wakefield data.\u00a0<\/p>\n \u201cJust like users that will pay the premium to be in Long Island City because of its proximity to Midtown Manhattan, we very much have that same dynamic out at the airport at JFK,\u201d said Cushman & Wakefield’s Helen Paul, co-lead for NYC logistics and industrial services.<\/p>\n Demand will remain consistent because third-party logistics companies and travel infrastructure groups \u2014 like Revel, which took 10K SF in 2024<\/a> for electric vehicle charging\u00a0\u2014 are always looking for industrial space next to the airport, Paul said.<\/p>\n Last month, airplane servicing company ASAK Solutions leased 17K SF in South Jamaica with asking rents of $28 per SF. In the same week<\/a>, airline catering company Gate Gourmet inked a 63K SF lease at Onyx Equities<\/a>‘ Inwood Logistics Center campus, although asking rents weren’t disclosed.<\/p>\n The demand means more competition for acquisitions, Finkenstaedt said.<\/p>\n But Seagis’ most recent industrial purchase in the submarket was $16.8M for a 70K SF, six-building portfolio deal<\/a> in 2018. The reason it hasn\u2019t bought anything since is because there\u00a0is no inventory left to buy, Finkenstaedt said.\u00a0<\/p>\n \u201cWhen we first came into JFK, it was a lot of local families,\u201d she said. \u201cNow, it’s mainly institutional like Prologis<\/a>, Terreno, Deutsche Bank. There’s not many local owners left.\u201d<\/p>\n The only development that was recently underway in the three markets is CenterPoint Properties<\/a>\u2019 two-story, 129K SF facility<\/a> at 65 Rason Road. The building is fully occupied by FedEx.<\/p>\n When there\u2019s no space left in South Jamaica, Springfield Gardens and Inwood, potential tenants will be forced out to East New York in Brooklyn.<\/p>\n<\/p>\n