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Brooklyn Office Market Report: Second Half of 2024

Dean

Jan 15, 2025

Brooklyn Office Market Report: 2nd Half 2024

In the second half of 2024, Brooklyn's office market demonstrated resilience amidst broader economic challenges. Leasing activity experienced a notable uptick, with a total of 278,000 square feet leased in Q4 2024, marking a 63% increase from the prior quarter and a 17% rise compared to the five-year quarterly average.  This growth was primarily driven by the creative and tech sectors, which continue to favor Brooklyn's unique blend of industrial charm and modern amenities.​


Neighborhood Analysis:


  1. DUMBO

    • Average Asking Rent: $55 - $75 PSF​

    • Market Trends: DUMBO remains a hotspot for tech startups and creative agencies. Its proximity to Manhattan and scenic waterfront views contribute to sustained demand. Co-working spaces are thriving, catering to the hybrid work models adopted by many firms.​

  2. Downtown Brooklyn

    • Average Asking Rent: $50 - $68 PSF​

    • Market Trends: The area continues to attract government agencies, financial institutions, and legal firms. While demand for expansive corporate offices has softened, there's a growing interest in smaller, adaptable spaces.​

  3. Brooklyn Navy Yard

    • Average Asking Rent: $38 - $48 PSF​

    • Market Trends: Serving as a hub for makers, light manufacturing, and creative enterprises, the Navy Yard appeals to companies seeking cost-effective spaces with a blend of office and production capabilities.​

  4. Williamsburg

    • Average Asking Rent: $58 - $72 PSF​

    • Market Trends: Williamsburg's vibrant cultural scene continues to draw tech and media companies. Limited office inventory has driven rents upward, though upcoming developments may alleviate some pressure.​

  5. Greenpoint

    • Average Asking Rent: $42 - $58 PSF​

    • Market Trends: Greenpoint is gaining traction among startups and smaller firms seeking proximity to Williamsburg at more affordable rates. The neighborhood is particularly attractive to creative and media production companies.​

  6. Gowanus

    • Average Asking Rent: $47 - $62 PSF​

    • Market Trends: Undergoing transformation due to rezoning and redevelopment, Gowanus is attracting interest from creative agencies, design firms, and light manufacturing companies, drawn by its industrial ambiance and relatively lower prices.​

  7. Bushwick

    • Average Asking Rent: $32 - $48 PSF

    • Market Trends: Bushwick offers affordable options for artists, freelancers, and small creative firms. As neighboring areas become more saturated, Bushwick's office market is gradually evolving.​

  8. Fort Greene

    • Average Asking Rent: $42 - $62 PSF​

    • Market Trends: Positioned as a cost-effective alternative to Downtown Brooklyn, Fort Greene attracts educational institutions, non-profits, and boutique agencies. The mix of historic buildings and new developments adds to its appeal.​

  9. Sunset Park

    • Average Asking Rent: $37 - $52 PSF​

    • Market Trends: Anchored by the Industry City development, Sunset Park continues to lure creative and industrial tenants. The area offers a blend of office and light manufacturing spaces at competitive rates.​

  10. Bedford-Stuyvesant

    • Average Asking Rent: $30 - $42 PSF

    • Market Trends: Bed-Stuy's emerging office market is attracting creative firms and local businesses seeking affordable, flexible spaces. Co-working environments are particularly popular, catering to freelancers and entrepreneurs.


Key Market Trends:

  • Leasing Activity: The significant increase in leasing activity, particularly in Q4 2024, underscores Brooklyn's growing appeal to a diverse range of tenants. ​

  • Creative and Tech Sectors: These sectors remain pivotal in driving demand, especially in neighborhoods like DUMBO and Williamsburg.​

  • Co-working Spaces: The sustained popularity of co-working spaces reflects the ongoing shift towards flexible work arrangements.​

  • New Developments: Areas undergoing rezoning and redevelopment, such as Gowanus and Greenpoint, are witnessing increased interest, signaling potential growth in office inventory.​


Conclusion:

Brooklyn's office market demonstrated robust performance in the latter half of 2024, with leasing activity reaching 278,000 square feet in Q4—a 63% increase from the previous quarter and a 17% rise compared to the five-year quarterly average.  The borough's unique blend of industrial heritage and modern amenities continues to attract a diverse tenant base, particularly from the creative and tech sectors. As hybrid work models persist, the demand for flexible and innovative office spaces is expected to sustain Brooklyn's market momentum into 2025.​

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