In summer 2017, average asking rents for available ground floor retail spaces increased in 10 of the 15 surveyed Brooklyn corridors analyzed in the Real Estate Board of New York’s (REBNY) Brooklyn Retail Report, when compared to summer 2016. Decreases in ground floor retail average asking rents were recorded in four corridors. A lack of availability on the 86th Street corridor in Bay Ridge prevented us from reporting a change for the corridor during this period.
Overall, the retail landscape in Brooklyn has remained strong amidst a gloomy environment of national retail market reporting. The Brooklyn retail leasing market is now benefitting from new hotel and office projects that have increased foot traffic in Brooklyn neighborhoods. As new residential development expands further throughout the borough, retailer interest has increased in rapidly changing corridors in neighborhoods like Bushwick and Crown Heights.