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Brooklyn, LIC Post Strong Numbers in Office Demand
The Brooklyn and Long Island City office markets posted strong quarters in terms of demand and leasing activity, according to CBRE’s Q2 2019 Brooklyn and H1 2019 Long Island City Office MarketViews.
According to the reports, leasing activity in Brooklyn during the second quarter of 2019 was 599,000 square feet, 71% above the four-year quarterly average. Meanwhile, LIC posted 558,000 square feet of office leasing activity in the first six months of 2019, a 170% spike over the year-ago period. However, LIC’s absorption was negative 1.1 million square feet as new supply was delivered.
“The Brooklyn office market benefitted from price pressure across the East River as the second quarter saw multiple tenant relocations from Manhattan,” said Nicole LaRusso, director, research & analysis.
LaRusso called the LIC market “a mixed bag,” albeit one where “demand for office space in this area is clear, as leasing activity increased, along with renewals.”
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