Cobble Hill retail rents tripled in five years

Price of space on Court Street shoots up from $40 per square foot to $200, study shows

Ryan Condren and 130 Court Street
Ryan Condren and 130 Court Street

Average retail rents along Court Street in Cobble Hill are three times what they were in 2009, according to a new study from commercial brokerage firm CPEX Real Estate Services.

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The trend began shortly after Trader Joe’s moved into a 4,700-square-foot bank building at 130 Court Street. At the time, about five years, rents ranged from $35 per square feet to $50 per square feet just south of Atlantic Avenue. Now, in the same area, a 1,000-square-foot space would command as much as $200 per square foot, Crain’s reported, citing CPEX. Clothing giant J. Crew is in the process of occupying a two-story space at 151 Court Street despite protests.

“In retail leasing, we don’t get into bidding wars,” CPEX broker Ryan Condren told Crain’s. “This is a very unique situation.” [Crain’s]Mark Maurer