REBNY Releases Brooklyn Summer 2021 Retail Report
Despite growing demand for Brooklyn retail space, asking rents are still adjusting in many of the borough’s corridors according to the recently released report by the Real Estate Board of New York. Among the 17 corridors analyzed by REBNY, 86th Street between 4th Avenue and Fort Hamilton Parkway saw the highest increase of 32% in average asking rents year-over-year, in contrast to the lowering by 23% along Washington Street, Front Street, Water Street and Main Street in the DUMBO neighborhood. Second-generation space has seen an uptick in activity as retailers remain eager to capitalize on the reduced buildout costs; and heightened competition for space in select areas has been sparked by increased activity among national retailers and some direct-to-consumer brands.