Millennials drive businesses toward commercial space in Brooklyn

JLL market report projects 14 percent commercial property growth over next three years
  • Areas like Dumbo, Downtown Brooklyn, Fort Greene and Williamsburg averaged over $3,000 per month for a studio apartment in January.
  • Businesses are making the move to Brooklyn in response to the residential popularity.
  • For the most part, creative companies who employ a large chunk of employees that live in Brooklyn are filling these developments.
  • Commercial development is even more vital as the upcoming L train shutdown could impact public transportation into Manhattan for up to three years.

Over the last decade, residential rates in Brooklyn experienced substantial growth, and it could be thanks to its influx of young people. In terms of income versus housing costs, Brooklyn is the most inflated market in the U.S., where average rent increased 1.5 percent in 2014, peaking at $2,716 last year. More recent reports from MNS show Brooklyn rent sitting at $2,717 – slightly higher than the 2015 high points.