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Cobble Hill retail rents tripled in five years
Price of space on Court Street shoots up from $40 per square foot to $200, study shows
Average retail rents along Court Street in Cobble Hill are three times what they were in 2009, according to a new study from commercial brokerage firm CPEX Real Estate Services.
The trend began shortly after Trader Joe’s moved into a 4,700-square-foot bank building at 130 Court Street. At the time, about five years, rents ranged from $35 per square feet to $50 per square feet just south of Atlantic Avenue. Now, in the same area, a 1,000-square-foot space would command as much as $200 per square foot, Crain’s reported, citing CPEX. Clothing giant J. Crew is in the process of occupying a two-story space at 151 Court Street despite protests.
“In retail leasing, we don’t get into bidding wars,” CPEX broker Ryan Condren told Crain’s. “This is a very unique situation.” [Crain’s] — Mark Maurer