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Report | Winter 2017 Executive Summary THE REAL ESTATE BOARD OF NEW YORK BROOKLYN RETAIL REPORT | WINTER 2017 EXECUTIVE SUMMARY on the corridor. According to our Brooklyn Retail Report In winter 2017, average asking rents for Advisory Group, the few available spaces were clustered available ground floor retail spaces increased in more desirable locations, which drove the average in seven of the 15 Brooklyn corridors asking rent for ground floor spaces upward and could cause the pace of deal making to decelerate. analyzed in the Real Estate Board of New York’s (REBNY) Brooklyn Retail Report when compared to winter 2016. The ground floor retail average asking rent on Fulton Street, between Boerum Place and Flatbush Avenue, increased eight percent year- Three corridors were unchanged and the decreases in ground floor retail average asking rents for the remaining over-year to $326 per square foot. five varied. The strongest average asking rent growth has continued in areas with new residential development and the potential for increased residential density. The Deals in this corridor have been moving at a brisk declines were posted in corridors without new residential pace due to new residential projects being completed development and where available retail space was nearby and chances of retail spillover from the City Point concentrated in the lower-priced periphery of those project where popular retailers Target, Century 21, and corridors. Overall, the retail landscape in Brooklyn has the Alamo Drafthouse Cinema have already opened shown continued strength as residential development and Trader Joe’s is scheduled to open this year. Our rises and commercial developments create new retail Brooklyn Retail Report Advisory Group sees the City destinations. Point project shifting the core of the Fulton Mall corridor east, closer to the project and its symbiotic opportunities. The average asking rent for ground floor retail spaces In Greenpoint, the average asking rent on both Court and Smith Streets, between Atlantic for available ground floor retail space on Avenue and Carroll Street, decreased 14 percent and Franklin Street, between Meserole Avenue and 12 percent, respectively, compared to last winter. Our Commercial Street, increased 41 percent to $89 Brooklyn Retail Report Advisory Group saw a slowdown per square foot. This was the largest year-over- in leasing velocity along the Court Street corridor due to competition from lesser-priced ground floor retail spaces year increase in average asking rent out of all on the Smith Street corridor and other nearby corridors the North Brooklyn corridors. offering good value. The average asking rent for available ground floor retail This corridor has been undergoing rapid change as spaces on Flatbush Avenue, between Fifth Avenue residential projects nearby have risen and new retail and Grand Army Plaza, remained at $102 per square spaces have been coming to market. Meanwhile, some foot. Although the average asking rent in this corridor of the lower-priced spaces with less frontage and has been unchanged since the first REBNY Brooklyn rougher finishes, which were previously pulling down the Retail Report in summer 2015, our Brooklyn Retail corridor’s average asking rent, are now off the market. Report Advisory Group sees this corridor as having great potential with 6,430 apartments being constructed at the Seventh Avenue in Park Slope, between Union Street nearby Pacific Park project. and Ninth Street, saw a 35 percent increase in the average asking rent for ground floor retail space in winter Bedford Avenue, between Grand Street and North 12th 2017 compared to the winter of 2016. This increase to Street in Williamsburg, has also been one of the most $129 per square foot was a result of very low inventory stable corridors since the first REBNY Brooklyn Retail BROOKLYN RETAIL REPORT WINTER 2017 | 2 EXECUTIVE SUMMARY (CONT.) Report. Average asking rents have remained between greater interest to retailers. This is especially relevant in $350 and $375 per square foot since summer 2015. Brooklyn where neighborhoods have been in constant However, more ground floor retail spaces became flux with a variety of landlord profiles—some who are available in winter 2017 near the north end of the capable of making investments to improve the quality of corridor where there is less foot traffic and retail density. their space and others less inclined to do so. Meanwhile, the number of availabilities within prime blocks of the corridor, between North 3rd Street and The surveyed corridors in this report represent the North 9th Street, were fewer. These two factors caused top tier retail corridors in Brooklyn. Rents on adjoining the average asking rent for available ground floor side streets may lease for considerably less than the retail spaces on the Bedford Avenue corridor to fall 18 locations we are profiling. percent to $296 per square foot in winter 2017 compared Our report provides an overview of the market at a to winter 2016. In contrast, the average asking rent particular point in time that is based on the available for available ground floor retail spaces in the core of listings of our Brooklyn Retail Report Advisory Group Bedford Avenue, between North 3rd Street and North in addition to our Commercial Brokerage Brooklyn 9th Street, was $359 per square foot, which is within Committee and Retail Committee members. the historical average range for the full Bedford Avenue corridor that our report analyzes. ACKNOWLEDGEMENTS The REBNY Brooklyn Retail Report—a joint effort by The REBNY Brooklyn Retail Report Advisory Group REBNY’s Commercial Brokerage Brooklyn and Retail Includes: Committees—presents a snapshot of major retail Robin Abrams, The Lansco Corporation corridors in the borough. Our goal is to provide a useful Diana Boutross, Cushman & Wakefield and reliable guide, based on actual ground floor retail Mitzi Flexer, Cushman & Wakefield asking rent information for available spaces, to garner Jordan Kaplan, Cushman & Wakefield a better understanding of the Brooklyn retail leasing Peter Levitan, Lee & Associates NYC landscape. Although this report shows changes in average asking REBNY would like to thank the Commercial Brokerage rents in most of the corridors analyzed, we must stress Brooklyn Committee, the Retail Committee and the that a change between two consecutive periods does following firms for their assistance in preparing this not necessarily indicate a change in the market. Such report. short term fluctuations may only be the result of spaces Lee & Associates NYC coming on or off the market. However, as we build Cushman & Wakefield historical data, we can identify long-run trends that The Lansco Corporation suggest a gradual market shift. We must reiterate that the rents quoted in this report REBNY would also like to thank Brendan Reichenbacher are asking rents. Physical components of a retail space for his assistance. factor greatly into its rental value. Attributes such as street/avenue frontage, ceiling height, presence of below and above grade space, and locational factors can affect value. Consequently, in corridors with little availability, a high quality space coming to market can increase the average and median asking rents greatly. In smaller corridors, a lack of available space may lead, in some cases, to its adjacent blocks becoming of BROOKLYN RETAIL REPORT WINTER 2017 | 3 AVERAGE ASKING RENT PSF - GROUND FLOOR RETAIL Washington St, Main St, Water St, Front St Winter 16Summer 16 Winter 17 $112 $113 $127 %Δ from Summer 16 to Winter 17 13%▲ %Δ from Winter 16 to Winter 17 13%▲ Franklin St Manhattan Ave (Meserole Ave - Commercial St) (Driggs Ave - Ash St) $65$71 $73 $63$71 $89 25%▲ 4%▲ 41%▲ 12%▲ Bedford Ave North 6th St (Grant St - North 12th St) (Driggs Ave - Kent Ave) $361 $373 $296 $218 $259 $219 21%▼ 15%▼ 18%▼ 0% North 4th St Grand St (Driggs Ave - Kent Ave) (Havemeyer St - Kent Ave) $157 $144 $132 $109 $110 $113 9%▼ 3%▲ 16%▼ 4%▲ BROOKLYN RETAIL REPORT WINTER 2017 | 4 AVERAGE ASKING RENT PSF - GROUND FLOOR RETAIL Montague St Fulton St (Hicks St - Cadman Plaza) (Boerum Pl - Flatbush Ave) $188 $190 $188 $301 $277 $326 1%▼ 17%▲ 0% 8%▲ Flatbush Ave 86th St (5th Ave - Grand Army Plaza) (4th Ave - Fort Hamilton Pkwy) $102 $101 $102 $85 $110 0% 0% 29%▲ Court St Smith St (Atlantic Ave - Carroll St) (Atlantic Ave - Caroroll St) $175 $145 $151 $139 $134 $122 4%▲ 9%▼ 14%▼ 12%▼ 7th Ave 5th Ave (Union St - 9th St) (Union St - 9th St) $96 $92 $129 $85 $79 $78 41%▲ 1%▼ 35%▲ 8%▼ BROOKLYN RETAIL REPORT WINTER 2017 | 5 MEDIAN ASKING RENT PSF - GROUND FLOOR RETAIL Washington St, Main St, Water St, Front St Winter 16Summer 16 Winter 17 $112 $113 $150 %Δ from Summer 16 to Winter 17 33%▲ %Δ from Winter 16 to Winter 17 34%▲ Franklin St Manhattan Ave (Meserole Ave - Commercial St) (Driggs Ave - Ash St) $63$71 $90 $65$71 $65 26%▲ 8%▼ 42%▲ 0% Bedford Ave North 6th St (Grant St - North 12th St) (Driggs Ave - Kent Ave) $361 $373 $332 $218 $259 $234 11%▼ 9%▼ 8%▼ 7%▲ North 4th St Grand St (Driggs Ave - Kent Ave) (Havemeyer St - Kent Ave) $157 $144 $125 $109 $110 $100 13%▼ 9%▼ 20%▼ 8%▼ BROOKLYN RETAIL REPORT WINTER 2017 | 6 MEDIAN ASKING RENT PSF - GROUND FLOOR RETAIL Montague St Fulton St (Hicks St - Cadman Plaza) (Boerum Pl - Flatbush Ave) $188 $190 $188 $301 $277 $365 1%▼ 32%▲ 0% 21%▲ Flatbush Ave 86th St (5th Ave - Grand Army Plaza) (4th Ave - Fort Hamilton Pkwy) $102 $101 $107 $85 $100 6%▲ 5%▲ 18%▲ Court St Smith St (Atlantic Ave - Carroll St) (Atlantic Ave - Caroroll St) $175 $145 $144 $139 $134 $127 1%▼ 5%▼ 18%▼ 9%▼ 7th Ave 5th Ave
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