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Brooklyn Market Reports

Brooklyn Office Market

Average Asking Rent (Price/SF) $52.33
Availability Rate (%) 18.8%
Net Absorption (SF)   -141,745

Last quarter, four large-scale developments came onto the market, including 25 Kent Avenue in Williamsburg. This quarter, 25 Kent Avenue signed the three largest deals in Brooklyn, luring tenants such as Refinery29 and Kith. Seeing this new development begin to fill is a welcoming sign for developers, as construction in the borough continues with 2.3 million square feet of space in the pipeline. Some of these projects include the newly constructed One Willoughby Square in Downtown Brooklyn and the refurbished 47 Hall Street in the Navy Yard. This is in addition to the 620,000-square-foot development at 181 Livingston Street in Downtown Brooklyn, which delivered this quarter.



Brooklyn Office Market Report
4Q19
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