Winter 2019 Brooklyn Retail Report

In winter 2019, average asking rents for available ground floor retail spaces increased in five of the 17 Brooklyn corridors analyzed by the Real Estate Board of New York (REBNY) in its bi-annual Brooklyn Retail Report, when compared to the winter of 2018. The retail environment in Brooklyn is witnessing some softening in asking rents in more established areas with low availabilities in prime retail spaces. Meanwhile, strong rent growth occurred in up-and-coming areas experiencing increased foot traffic due to new residential and commercial developments. REBNY’s Retail Report Advisory Group has observed that similarly to Manhattan, Brooklyn retail asking rents are currently experiencing natural market corrections as landlords are reassessing the quality and value of their stock among shifting national retail conditions.