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

Brooklyn Bridge and Downtown Brooklyn

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
From left: 50 Hudson Yards, 341 Ninth Avenue, 30 Hudson Yards (background) with Google's Sundar Pichai, Amazon's Jeff Bezos and Facebook's Mark Zuckerberg (Credit: Google Maps and Getty Images)

Big tech puts Manhattan office leasing within reach of annual record

Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Amazon CEO Jeff Bezos (Credit: Getty Images)

Mapping Amazon’s current office and warehouse footprint in NYC

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

Today’s Northern NJ office sales volume is double 2018’s

Today’s Northern NJ office sales volume is double 2018’s

Clockwise from left: 1 New York Plaza, Hudson Yards, 341 Ninth Avenue and 55 Water Street (Credit: Google Maps, Wikipedia Commons, Getty Images)

These were NYC’s top office leases in November

23-10 Queens Plaza South, Gary Segal and Justin Ehrlich (Credit: Google Maps)

Dynamic Star CEO buys Queens Plaza site for $28M

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

arrow_forward_ios