Home > Brooklyn Blog > Brooklyn Office Market Update

Brooklyn Blog

By Accord Real Estate Group

Brooklyn Office Market Update

July 2nd 2020
Tags: Brooklyn Blog, All about Brooklyn New York, Brooklyn Real Estate

Post Coronavirus, companies are looking at Brooklyn to fill their office needs. Having an office closer to their workforce makes sense, especially if the workers are faced with a 45 minute commute into Manhattan on public transportation. Regina Myer, president of the Downtown Brooklyn Partnership says “this comes perfectly timed with Brooklyn's millions of square feet of space that has come online or is set to open soon”.

Some of the spaces that are set to open soon are JEMB Realty's One Willoughby Square in Downtown Brooklyn and Two Trees Management's 10 Grand Street in Williamsburg. Myer continues to say that “in response to the health crisis, Downtown Brooklyn is really well positioned because we have some projects that are coming online that really represent the future”. “We are going to have state of the art products which we have not had”.

One of the highlights of 10 Grand Street is the ability to lease only 6,000 square feet and have your own floor and the ability to make your company statement. From a health and safety point of view, this creates great value to be able to control your own environment.

There is currently 2.31M square feet of new construction or redevelopment projects in the works in Brooklyn.

Other noteworthy projects coming up are Rubenstein Partners and Heritage Equities 500,000 square foot office, manufacturing and retail development at 25 Kent Avenue in Williamsburg and the Rudin Family and Boston Properties 675,000 square foot Dock 72 in the Brooklyn Navy Yard.

Brooklyn is already a proven, viable place for companies to come and grow. Entrepreneurs, creatives, tech and media companies are already here.

Brooklyn had a great start to 2020. The average office spaces were renting at $43.88 psf. Manhattan had an average of $81.64 psf.

For companies that qualify for New York State's Relocation and Employment Assistance Program (REAP), some of their costs can be offset by tax credits saved.

Zaher, a Two Trees executive says “we want our tenants to come here to take advantage of those incentives. Not everyone knows about it”.

If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property,  an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.

We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.

Thank you,

Accord Real Estate Group

Your Brooklyn Real Estate Brokers and Agents