In winter 2017, average asking rents for available ground floor retail spaces increased in seven of the 15 Brooklyn corridors analyzed in the Real Estate Board of New York’s (REBNY) Brooklyn Retail Report when compared to winter 2016.
Three corridors were unchanged and the decreases in ground floor retail average asking rents for the remaining five varied. The strongest average asking rent growth has continued in areas with new residential development and the potential for increased residential density. The declines were posted in corridors without new residential development and where available retail space was concentrated in the lower-priced periphery of those corridors. Overall, the retail landscape in Brooklyn has shown continued strength as residential development rises and commercial developments create new retail destinations.