Brooklyn retail market

Retail rents in Brooklyn are declining overall, a report from the Real Estate Board of New York showed. In total, REBNY analyzed 16 of the borough’s prime retail corridors and found that rents are down in 11 corridors, with a net decline of 6 percent.

A corridor in Park Slope—7th Avenue between Union Street and 9th Street—experienced the biggest decline, dropping 23 percent year-over-year to $86 per square foot. In Brooklyn Heights—on Montague Street between Hicks Street and Cadman Plaza—asking rents fell to $86 per square foot, a 22 percent drop. Despite the widespread decline, one corridor in Prospect Heights, on Flatbush Avenue between 5th Avenue and Grand Army Plaza, stood out and saw a 19 percent increase year-over-year to $141 per square foot. 

Average Asking Rent PSF For Ground-Floor Retail

 Summer 2019Change from Summer 2018
Franklin Street (Meserole Avenue-Commercial Street)740
Manhattan Avenue (Driggs Avenue-Ash Street)67-0.04
Bedford Avenue (North 8th Street-North 12th Street)153-0.09
Bedford Avenue (Grand Street-North 12th Street)326-0.07
North 6th Street (Driggs Avenue-Kent Avenue)246-0.02
North 4th Street (Driggs Avenue-Kent Avenue)161-0.18
Grand Street (Havemeyer Street-Kent Avenue)920.1
Washington Street, Front Street, Water Street, Main Street103-0.06
Brooklyn Heights
Montague Street (Hicks Street-Cadman Plaza)86-0.22
Downtown Brooklyn
Fulton Street (Boerum Place-Flatbush Avenue)2370.01
Prospect Heights
Flatbush Avenue (5th Avenue-Grand Army Plaza)1410.19
Court Street (Atlantic Avenue-Carroll Street)96-0.07
Smith Street (Atlantic Avenue-Caroll Street)83-0.18
Park Slope
7th Avenue (Union Street-9th Street)86-0.23
5th Avenue (Union Street-9th Street)1040.09
Bay Ridge
86th Street (4th Avenue-Fort Hamilton Parkway)102-0.14
Source: Real Estate Board of New York.