Retail Rents In Brooklyn Are A Mixed Bag. These Corridors Saw The Biggest Changes
Are retail rents going up or down in Brooklyn? Well, it depends on where you are. A new report from the Real Estate Board of New York analyzed 16 of the borough’s prime retail corridors from the summer and found an almost even split between areas where rents were going up (seven) and areas where rents were going down (eight). Average asking rents for ground floor retail in one corridor — Franklin Street in Greenpoint between Meserole Avenue and Commercial Street — remained unchanged year over year at $74 per square foot. The rent declines mostly took place in more established neighborhood where rents had skyrocketed following the financial crisis, the report found. In Cobble Hill between Atlantic Avenue and Carroll Street, for instance, it dropped 31 percent to $103 per square foot on Court Street and 32 percent — the sharpest decrease throughout Brooklyn — to $101 per square foot on Smith Street. Read more at The Real Deal.
