Brooklyn retail market holds up

June 25, 2008 12:16PM

The retail market in Brooklyn is still growing, despite the economic downturn, and more national and regional retailers are looking for space in the borough, according to a report by Marcus and Millichap. About 750,000 square feet of retail space is expected to be delivered this year, compared to 192,000 square feet last year. The median price in multi-tenant properties has grown 11 percent over the past year to $267 per square foot, compared with a 4 percent growth in the previous year. Marcus and Millichap expects the year to end at 4.7 percent vacancy, and the average asking rent to increase 9 percent, with even higher increases for national tenants seeking leases. TRD

Comments are closed.