Brooklyn Office Market
| Average Asking Rent (Price/SF) | $53.12 |
| Availability Rate (%) | 17.8% |
| Net Absorption (SF) | -24,825 |
Brooklyn leasing velocity in the fourth quarter totaled 330,250 square feet, a 40.6% increase from the third quarter. Unlike the third quarter, in which smaller transactions drove activity, fourth-quarter volume was driven by deals above 10,000 square feet. In fact, just eight deals accounted for more than two-thirds of activity. These included two deals at Industry City by NYU and Aanika Bioscience for 46,000 square feet and 28,000 square feet, respectively. Two transactions were also finalized at the newly constructed 25 Kent Avenue by Mindspace for 37,403 and by Altana for 20,874 square feet.
Download Brooklyn Office Market Report 4Q22