REBNY: Brooklyn Retail Report – Summer 2022
An overview of Brooklyn’s retail activity from April through September reveals that the borough continues to be the frontrunner in the retail recovery over the last two years according to the recently released report by the Real Estate Board of New York (REBNY). Among the 17 corridors analyzed by REBNY, rents rose in 9 corridors year-over-year, and lowered in 7 corridors during the same period. Williamsburg continues to separate itself in terms of the range of businesses it attracts, and the rent levels it achieves; and retail activity in Brooklyn’s mixed-use neighborhoods has increased throughout 2022. However, while activity within the borough has been sustained after nearly two years, leasing conditions have begun to shift. Declining availability of quality storefronts along Brooklyn’s prime corridors is fueling rent growth and a tightening of concession packages and tenant allowances.