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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.
- ◦Lease
