In winter 2018, average asking rents for available ground floor retail spaces increased in 8 of the 15 surveyed Brooklyn corridors analyzed in the Real Estate Board of New York’s (REBNY) Brooklyn Retail Report, when compared to winter 2017. Decreases in ground floor retail average asking rents were recorded in seven corridors.
Overall, the retail landscape in Brooklyn has remained strong in areas where new residential and commercial properties are being developed. Declines in average asking rents have occurred mostly in more mature neighborhoods where landlords are still learning how to position their retail space in a competitive environment. Some corridors’ retail identities are also transitioning and the average asking rent statistics reflect that. Despite attractive neighborhood attributes and the trendy status that a quieter corridor may provide, boutiques and national brands have been more interested in space where there is significant foot traffic from dense residential and commercial developments.