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Brooklyn Office 4Q: Rents remain constant as new developments enter the market

In the Brooklyn office market in 4Q 2019, the average asking rent ended the fourth quarter at $52.33/SF, down 0.9% from the prior quarter but still 0.7% higher from this time last year, according to a report on the Brooklyn Office Market (4Q) from Newmark Knight Frank.

The availability rate rose 30 basis points to 18.8%, the highest rate since the second quarter of 2017. More than 2.3 million square feet of space is currently under construction and is set to enter the Brooklyn market in the near future. In the last quarter, new large-scale developments that entered the market, include: One Willoughby Square in Downtown Brooklyn 47 Hall Street in the Navy Yard 181 Livingston Street in Downtown Brooklyn 25 Kent Avenue in Williamsburg.

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