The Real Estate Board of New York (REBNY), the City’s leading real estate trade association, today released its Summer 2021 Brooklyn Retail Report which highlights steady leasing in the Brooklyn retail market as tenants capitalize on market opportunities in select trade areas.
According to the report, demand is being driven primarily by retailers taking fully built spaces, while recently increased activity among national retailers and e-commerce firms supplemented activity in select corridors.
Despite the sustained leasing during the last six months, rents continue to slide lower in nearly all corridors. REBNY reported that asking retail rents throughout Brooklyn declined in 11 of the 17 reported corridors, with rents continuing to adjust amid New York City’s ongoing recovery from the pandemic. Average asking price per square foot (PPSF) rents throughout Brooklyn’s retail corridors fell by 10% or more in 10 retail corridors.
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