Brooklyn’s retail sector registered significant tightening in several corridors during the last six months – particularly on streets with steady residential traffic. Activity occurred despite challenges presented by the Omicron surge, supply chain issues and other cost pressures such as staffing shortages.
These challenges curbed some of the leasing momentum, but it was hard to spot in the most competitive corridors. International luxury retailers and direct-to-consumer innovators continued to focus on Williamsburg, leaving North Brooklyn with negligible availability.
Brooklyn’s expanding residential base has been an essential steadying force for its retail sector during the ups and downs of the pandemic. Local retailers were active in several residential neighborhoods, depleting space options on Franklin Street in Greenpoint, Court Street in Cobble Hill and some sections of Park Slope. In turn, retailers are taking a closer look at secondary streets such as Manhattan Avenue and Smith Street.