Brooklyn Office Market
| Average Asking Rent (Price/SF) | $53.36 |
| Availability Rate (%) | 18.9% |
| Net Absorption (SF) | -340,674 |
Brooklyn’s overall availability rate reached 18.9% at the end of 2020, the highest level since the second quarter of 2017 with quarterly increases recorded across all submarkets. The addition of sublease space continued to climb steadily with more than 192,000 square feet added. The bulk of this space was concentrated in DUMBO. Wasserman Media put a block of 105,244 square feet on the market at Empire Stores, making 18% of the building available. In addition, 26,219 square feet came on the market in a portion of Soho Works’ office at 10 Jay Street, on the heels of Rent the Runway’s 71,841-square-foot sublease added in the second quarter at the same building. In Downtown Brooklyn, two full floors were added at 1 Pierrepont Plaza, including 47,000 square feet from the MTA and another floor from Dime Community Bank.
Download Brooklyn Office Market Report 4Q20