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Retail landlords across the city are adjusting their rents to become more aligned with the current environment, but Brooklyn is not seeing the same kind of widespread declines that are happening in Manhattan.
The average asking rents for available ground-floor retail space increased year over year in seven of the 16 top Brooklyn retail corridors surveyed by the Real Estate Board of New York for its Summer 2018 Brooklyn Retail Report.
Eight of the corridors saw declines, and they were largely in established areas of the borough that had steep rent jumps in the wake of the financial crisis. The rental decreases are a result of landlords in those areas becoming more in-tune with the values and the current market, according to the report.
Asking rents in Bedford Avenue between Grand Street and North Eighth Street — the corridor that straddles the Bedford Avenue L Train stop — decreased 11% from last year to hit $351.
“Brooklyn continues to attract and maintain retailers as the New York City retail market has been increasingly responsive to the shifting retail market environment,” REBNY President John Banks said in a statement. “The demand for high value retail spaces in the borough’s most popular corridors and increased residential density in surrounding neighborhoods have contributed to Brooklyn’s favorable conditions for a wide range of retail concepts.”
By comparison, Manhattan has experienced widespread declines, according to REBNY’s fall retail report, with average retail rents across the borough's main retail corridors dropping 25% over the last three years. Fifteen of the borough’s 17 major retail corridors saw year-over-year declines on the asking rents for ground-floor retail space.
Read more at: https://www.bisnow.com/new-york/news/retail/rents-dropped-in-15-manhattan-retail-corridors-in-fall-95238?utm_source=CopyShare&utm_medium=Browser
In Williamsburg, three of the five corridors REBNY analyzed saw rent-per-SF increases between the summer of 2018 and 2017. The average rent on North Sixth Street, between Driggs Avenue and Kent Avenue, jumped 8% to hit $251 per SF.
On North Fourth Street between Driggs and Kent, rents went up by 34% to reach an average of $197 — driven largely by new development space becoming available.
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