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Brooklyn Retail Rents on the Rise
By comparison to Manhattan, where average asking rents for ground-floor space declined in 15 of the 17 major corridors, Brooklyn retail fared pretty well over the past 12 months. The Real Estate Board of New York said rents increased year-over-year in seven of Brooklyn’s 16 major corridors, while declining in eight.
Faring best were areas experiencing growth in residential development, according to REBNY. In particular, three of the five retail corridors in Williamsburg posted Y-O-Y gains, notably North 4th Street with a 34% annual increase.
“Brooklyn continues to attract and maintain retailers, as the New York City retail market has been increasingly responsive to the shifting retail market environment,” said REBNY President John H. Banks. “The demand for high-value retail spaces in the borough’s most popular corridors, and increased residential density in surrounding neighborhoods, have contributed to Brooklyn’s favorable conditions for a wide range of retail concepts.”
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