Despite the sustained leasing in Brooklyn during the past six months, rents continue to slide lower in nearly all corridors, according to a report by The Real Estate Board of New York.
The report highlights steady leasing in the Brooklyn retail market as tenants capitalize on market opportunities in select trade areas. However, 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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