Downtown Brooklyn is the next neighborhood for rising office rents. Or so says the largest group of more than 100 prominent commercial real estate folks surveyed by public accountants Marks Paneth & Shron between January and July of this year.
Brooklyn, long an uber trendy spot to live, “may soon be the ‘hot’ place to office,” William Jennings, partner-in-charge of Marks Paneth & Shron said in a statement.
A 17 percent chunk of respondents chose Downtown Brooklyn over Hell’s Kitchen and the Garment District — areas poised to turn extra pricey as neighboring Hudson Yards is completed — as the next New York City spot where rents are likely to soar. The Midtown runner-ups pulled 16 percent of the vote each.
That said, survey participants dubbed Hudson Yards the development most likely to have a positive, long-term effect on property values. The Related Companies and Oxford Properties’ monster West Side development snatched the title with 34 percent of the votes, followed by the Second Avenue Subway project with 28 percent and Long Island Railroad’s East Side Access to Grand Central with 20 percent. [NYO] — Julie Strickland