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New York & Tri-State  + Outer  + Retail  | 

REBNY Sees Steady Leasing Volume in Brooklyn Retail

Leasing volume in the Brooklyn retail market has been steady as tenants capitalize on market opportunities in select trade areas, the Real Estate Board of New York said in its latest report on the sector. According to the report, demand is being driven primarily by retailers taking fully built spaces, while recently increased activity among national retailers and e-commerce firms supplemented activity in select corridors. 

Despite the sustained leasing over the past six months, rents continue to slide lower in nearly all corridors. REBNY reported that asking retail rents throughout Brooklyn declined in 11 of the 17 reported corridors, with rents continuing to adjust amid New York City’s ongoing recovery from the pandemic.  

Retailers continued to focus on second-generation space, according to REBNY. Although this was a key driver of leasing, national retailers and some e-commerce firms have also started to jump into the market in a few corridors. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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