Brooklyn Office Market
| Average Asking Rent (Price/SF) | $52.41 |
| Availability Rate (%) | 19.0% |
| Net Absorption (SF) | -236,034 |
Brooklyn’s average asking rent fell for the second consecutive quarter to $52.41/SF, with declines across all submarkets. The overall average fell 180 basis points in the largest quarterly drop since the pandemic began. Price reductions were recorded in direct space in several new construction projects as well as existing product, with owners signaling flexibility in taking rents to draw activity as the pandemic surpassed its one-year anniversary. In addition, several new competitively priced availabilities influenced this quarterly drop. More than 78,160 square feet is now available at 295 Front Street, a converted factory in DUMBO, where asking rents are below the submarket’s average. In the Navy Yard, another 70,000 square feet of creative office space is now available at Building 77, a recently renovated flex office building, where office floors are priced below other new construction in this submarket.
Download Brooklyn Office Market Report 1Q21