Brooklyn Office Market
|Average Asking Rent (Price/SF)||$53.44|
|Availability Rate (%)||18.7%|
|Net Absorption (SF)||4,040|
Fourth-quarter leasing velocity in Brooklyn totaled 310,157 square feet, a quarter-over-quarter improvement of 24.7%. The nonprofit Jewish Child Care Association signed the borough’s largest deal, a 67,679-square-foot lease at 57 Willoughby Street in Downtown Brooklyn. Other notable deals included a 42,000-square-foot lease at Dock 72 by Food52 and a 16,000-square-foot lease by Egg Collective at Building 77, both in the Navy Yard. For the second straight quarter, there were also multiple deals finalized in the recently constructed 10 Grand Street, for a total of 44,382 square feet. These included a 13,300-square-foot deal for DICE and a 6,083-square-foot deal for Chronograph. Sunset Park, including Industry City, accounted for 9.8% of overall activity in Brooklyn in 2021.
Download Brooklyn Office Market Report 4Q21