Brooklyn’s retail asking prices continue to grow throughout the top tier corridors in the borough, according to REBNY’s Winter 2016 Brooklyn retail report. Average rents held strong asking prices, with 14 out of 15 major corridors illustrating slight upswings from the third quarter of last year.
- Bedford Avenue, between Grand Avenue and North 12th Street featured the highest average asking rent for ground floor retail space at $361 per square foot in the first quarter of 2016.
- North Brooklyn saw the largest jump on North 6th Street, between Driggs Avenue and Kent Avenue, at 4.8 percent, where retail rents reached $218 per square foot.
- Court Street and Smith Street, between Atlantic Avenue and Carroll Street both increased between the summer and winter seasons.
- As the L train construction start date looms, retailers moving to Brooklyn could prove beneficial as locals anticipate an upcoming struggle in outbound public transportation.
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