Retail Rents Rise Around Brooklyn Development Boom

Retail rents are rising in many Brooklyn neighborhoods. Average asking rents for available ground floor retail spaces rose compared with the year before in 10 of the 15 retail corridors analyzed in the Real Estate Board of New York’s (REBNY) Summer 2017 Brooklyn Retail Report.

“New developments are drawing more attention, particularly from retailers that are looking to develop a presence in Brooklyn as an extension of their Manhattan mainstays,” said John Banks, present of REBNY. New mixed-use properties Downtown like City Point, the Barclays Center and 300 Ashland (pictured) are bringing attention to neighborhoods nearby like Park Slope, and Prospect Heights.

Highlights of the report include:

– Fifth Ave. in Park Slope, between Union St. and Ninth St.: rents reached $95 per square foot in summer 2017, up 19% from the year before.

– Flatbush Ave. in Prospect Heights, between Fifth Ave. and Grand Army Plaza: rents reached $109 per square foot, up 7%.

– Montague St. in Brooklyn Heights, between Hicks St. and Cadman Plaza: rents dropped to $151 per square foot, down 21%.

For comments, questions or concerns, please contact Bendix Anderson