Big-name tenants still not won over by BK

Roughly 7M sf of new office space is planned

TRD New York /
May.May 04, 2017 11:15 AM

Despite an influx of new office space, Brooklyn hasn’t yet attracted big-name Manhattan companies.

Roughly 7 million square feet of new office space is planned for the borough, but Brooklyn hasn’t yet generated the kind of interest needed to meet future supply, Bloomberg reported. Not a single non-government employer has inked a lease for more than 100,000 square feet since mid-2015. The last major deal was WeWork’s agreement to take 222,000 square feet at Dock72.

“The tenant pool is not that deep. It’s not there yet,” Zev Holzman, a senior managing director at Savills Studley told Bloomberg.

At the moment, companies don’t necessarily have a big incentive to relocate to Brooklyn. Manhattan’s market is softening, and employees from northern Manhattan and New Jersey aren’t necessarily keen on a longer commute.

Large tech companies like Google, Spotify and Facebook have largely stuck to Manhattan. The city has taken some steps to lure companies to Brooklyn. A proposed zoning change aims to encourage garment manufacturers to move to Sunset Park. [Bloomberg] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
IBM CEO Arvind Krishnam and 88 University Place (Google  Maps, IBM)

IBM to leave WeWork’s 88 University Place

IBM to leave WeWork’s 88 University Place
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Facebook CEO Mark Zuckerberg (Getty)

“Large pools of talent”: Mark Zuckerberg touts remote-work plan

“Large pools of talent”: Mark Zuckerberg touts remote-work plan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...