The Real Deal New York

Brooklyn facing tightest commercial market since WWII

January 05, 2014 12:00PM

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Downtown Brooklyn

WEEKENDEDITION Brooklyn is facing a severe shortage of commercial space, forcing corporate giants and hip startups alike – think Chase, Verizon and MakerBot — to look elsewhere.

“We’re in a crisis mode,” said Christopher Havens, a commercial real estate broker with AptsandLofts.com. “Everything’s in shortage, from townhouses on down.”

Brooklyn’s office market is the tightest its been since World War II, with more than 100 tenants in the market in Dumbo, which is already packed with 500-plus tech companies, and Downtown Brooklyn out of space, according to Havens.

The home to Brooklyn’s first Whole Foods, Gowanus is also full, and there are only two vacancies at Atlantic Center, and a mere three at MetroTech, according to Crain’s.

And that means government officials and developers are beginning to turn toward Brooklyn’s more far-flung neighborhoods.

“The greatest economic development challenge for the de Blasio administration, and the most critical, is to look to the east—namely places like East New York, Brownsville—just miles from the booming waterfront, Barclays and the airports, and a place where strong job and workforce development funding and training can put thousands of people to work in their communities,” Brooklyn Chamber of Commerce President Carlo Scissura, said. [Crain’s]Christopher Cameron

  • FlipoutNYc

    Next stop Myrtle/Wyckoff station. Its close to the city and it is within the M/L train stop. Brownville has too many Projects.

  • http://www.ianmacallen.com/ Ian MacAllen

    The city should seriously look at redeveloping the area around Broadway Junction. With access to three major subways and a Long Island Railroad Station combined with many underused properties– parking lots or empty land– this would be an ideal location for new development. Plus, for suburban commuters on the LIRR, its significantly closer than Manhattan and even downtown Brooklyn. For subway riders, it would be mean traveling in the opposite direction of the most crowded stations. One of the biggest challenges facing future commercial growth in Manhattan is transporting people there at rush hour; but offices around Broadway Junction would mea utilizing near empty trains reverse commuting on the L, J, and A.

    • Freinds Collective

      briiliant!

  • brklynmind

    So ridiculous. If Downtown Brooklyn (with all the appropriate infrastructure) is totally rented then Deblasio should be pushing for more OFFICE development in Downtown. The zoning is there and the lots are there – the only issue is that per sq ft, residential is safer.

  • neighbor

    So why are we spending our state tax dollars cleaning up contaminated sites along the Gowanus for residential housing developments when they are better suited to commercial activities? And there is such a need for commercial/light industrial space in Brooklyn.

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