A photo illustration of the industrial properties at 66-31 and 66-35 Otto Road in Queens (Getty, Google Maps, LoopNet)

New York City’s industrial market posted a peak performance last year.

Activity in 2024 reached the closest resemblance the sector has had to the robust times at the onset of the pandemic. But there are signs that the market is stretched to its limit.

Last year, tenants leased more than 2.8 million square feet in the city’s outer boroughs, according to Crain’s. The data comes courtesy of JLL, which noted 2024 as the year’s second-busiest on record, albeit only half as bustling as 2020, which featured 5.6 million square feet of leases.