Summer 2019 Brooklyn Retail Report

In summer 2019, average asking rents for ground floor retail space decreased in 12 of the 17 Brooklyn corridors analyzed by the Real Estate Board of New York (REBNY), when compared to the summer of 2018. Overall, the Brooklyn retail environment is evolving with declining asking rents in more mature neighborhoods as landlords seek to remain competitive by reassessing the value of their retail spaces among shifting demographics. Progressing neighborhoods are experiencing favorable market trends due to increased foot traffic from new residential, commercial, and mixed-use developments.