NEW YORK CITY—New office, hotel and residential projects throughout the borough have led to strong retail demand in Brooklyn and increased asking rents in most key retail corridors there.
The Real Estate Board of New York has released a report that indicated available ground floor retail spaces in Kings County rose in 10 of the 15 retail corridors it analyzed this summer.
REBNY's Brooklyn Retail Report Advisory Group states the borough's retail leasing market is benefitting from the opening of new hotel and office projects that have increased shopper foot traffic in Brooklyn neighborhoods. Those projects, combined with the expansion of new residential development throughout the borough, have fostered increased retailer interest in rapidly changing corridors within neighborhoods, particularly Bushwick and Crown Heights.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
