Photo: Eden, Janine and Jim/Flickr
The Real Estate Board of New York (REBNY) has launched its first-ever Brooklyn Retail Report, a new bi-annual analysis of the asking rents for retail space in Brooklyn’s 15 top retail corridors through 10 neighborhoods.
Currently, Williamsburg’s Bedford Avenue, between Grand Street and North 12th Street, registers the highest average asking rent, at $347 per square foot. Downtown Brooklyn’s Fulton Mall, between Boerum Place and Flatbush Avenue, came in second at $287 per square foot. And Greenpoint’s Franklin Street, between Meserole Avenue and Commercial Street, recorded the lowest average asking rent of the areas covered in the report at $63 per square foot.
“Brooklyn is booming and the demand for ground floor retail space is playing a major role in its continued, dynamic growth,” said REBNY President John Banks.
REBNY already releases a Manhattan Retail Report, which reports some of the most expensive retail rents in the world. The average ground floor asking rent for 5th Avenue between 49th and 59th Streets was $3,683 in spring of this year.
Though Manhattan retail rent is significantly higher than it is in Brooklyn, developers are still taking notice. Banks noted that the Brooklyn Retail Report will be an essential guide for understanding “the fast growing retail leasing landscape in the booming borough.”
Indeed, a number of luxury condo developments are now featuring curated retail offerings, as part of the overall appeal of the development.
One of the drawing points of the 22-acre master-planned Pacific Park is the way that it balances its residences with complementary retail and lifestyle offerings. Conceived by Frank Gehry, the project is a sprawling 15 building mixed-use development. It will be home to more than 6,000 residences, stores, restaurants, office and hotel. The community will also house a New York City public school, daycare, senior center and health care center.
A recent Journal of Planning Education and Research study revealed that a key feature of high levels of pedestrian traffic (and related economic activity) is ground floor retail. In studying streetscape features of over 500 New York City streets, they discovered that there is a marked association between “most-walked” streets and adjacent retail.
REBNY’s report will be published twice per year, in the first and third quarters. It will analyze the average, median, and range in asking rent for ground floor space in each of Brooklyn’s retail corridors.