Markets & Economy

Brooklyn retail rent prices increased this winter, report says

Bi-annual report shows slight rises in 14 out of 15 major retail corridors
by Staff Writer
Apr 14
  • 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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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. “The modest rise in asking rents from last summer to this winter speaks to the sustained strengthening of the retail market in Brooklyn,” said John H. Banks, III, president of REBNY. Williamsburg -- more specifically, 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. This corridor showed a 3.9 percent increase from the last findings in Summer 2015. [graphiq id="lxLmL4CdJpH" title="Northern Brooklyn Brooklyn, NY Profile" width="600" height="591" url="https://w.graphiq.com/w/lxLmL4CdJpH" link="http://places.findthehome.com/l/140978/Northern-...

Article image credited to littleny / Shutterstock.com