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Brooklyn Market Reports

Brooklyn Office Market

Average Asking Rent (Price/SF) $46.77
Availability Rate (%) 17.9%
Net Absorption (SF) -638,146

The Dumbo and Downtown Brooklyn submarkets were once again the main drivers of office leasing activity this quarter. 25-28 Columbia Heights, currently under renovation and slated for delivery later this year, brought 618,505 square feet to market at $75.00/SF, well above the market rate for Brooklyn. This property, along with 43,437 square feet of cheap space at 141 Flushing Avenue that was taken in two deals this quarter, drove overall Brooklyn asking rents up to $46.77/SF, a 6.4% increase over the last quarter and 10.0% over last year. Asking rents in Brooklyn have now hit a new all-time high for the third consecutive quarter, as developments continue to add prime space to the market.

Brooklyn Office Market Report
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