Top 10 Reasons Brooklyn Is Booming
1. Brooklyn’s had the biggest increase in population compared to its neighbors, according to the most recent census figures. This positively impacts the borough’s economic output while contributing to demand for housing and office space, driving up rents and prompting developers to funnel money into ambitious projects that appeal to Brooklyn’s socioeconomically and ethnically diverse population.
2. Operating on the positive feedback loop generated by the above phenomena, the rate of job growth in Brooklyn is twice the rest of the city’s.
3. There is significantly more inventory and opportunity for trades than in Queens or Manhattan (see below).
4. “Uberization” has made areas once considered remote and transportation-challenged easily accessible. It’s most notably driven (pun intended) foot traffic to areas previously neglected by shoppers, revitalizing them and stimulating retail growth.
5. Brooklyn possesses an undeniable cool factor, that elusive intangible so many private placemakers and public business improvement organizations strive to capture and emulate. Visibility and marketability of the Brooklyn brand are at their peak nationwide and globally.
6. Brooklyn is home to miles of untapped waterfront.
7. There is an immense pool of defunct or underutilized properties ripe for conversion to a higher and better use.
8. Tourism is at an all-time high and still trending upward.
9. Despite recent surges of interest among retailers, Brooklyn is still so under-retailed that opportunity and demand abound.
10. A dozen universities in the Downtown Brooklyn neighborhood make it a college town to rival Cambridge, MA.
Heedless optimism must not prevent people from recognizing the very real challenges Brooklyn faces, with respect to inadequate public transit, strain on schools ill-equipped to handle population increases, a legislative body that’s insensitive to corporate tenants’ needs, and interest rate inflation. Despite this room for improvement, Brooklyn’s future looks very bright.
To learn more about Bisnow sponsor CPEX, click here.