Brooklyn’s Top Five Office Markets May Surprise You
When it comes to the Brooklyn office market, the headlines tend to highlight the northern part of the borough: Downtown Brooklyn, DUMBO, Brooklyn Heights, even Williamsburg.
In a preview of a comprehensive office report, CPEX Real Estate’s office sales and leasing team found Brooklyn’s office space scattered throughout the borough, not just concentrated in well-known pockets.
Downtown Brooklyn is, not surprisingly, home to the most office buildings in the borough, but of the Brooklyn ZIP codes with the greatest density of office buildings, four of the top five are in southern Brooklyn.
Together, these four ZIP codes and submarkets comprise more than a fifth of the Brooklyn office market.
With vacancy rates in Downtown Brooklyn at less than 2%, it’s not surprising that both office developers and tenants are looking to areas outside of downtown for new space.