Havens Offers Own Commercial/Retail Report: DUMBO, Downtown
By Chris Havens
The Brooklyn office market has changed substantially, with vacancies in DUMBO at a historic low. The vacancy rate is 2.3 percent and only a handful of spaces under 3,000 rentable square feet are available.
For the first time in my 13 years working in Brooklyn commercial real estate there is only one 1,500-square-foot space — the standard size and the most popular — available in the market bellwether building at 20 Jay St. in DUMBO.
While Court Street in Downtown Brooklyn has plenty of space, far more tenants are inspecting space than during this past summer and leases are being signed.
Several more leases have been signed in MetroTech this winter for commercial spaces totalling over 250,000 rentable square feet.
Good News for Retail
Brooklyn retail is gaining ever more strength, with more tenants in the market than space available.
Chris Havens is a principal with Creative Real Estate Group (CREG).