BROOKLYN, N.Y.— With job growth easing and the possibility of job losses rising, the wheels of change are turning more slowly in Brooklyn thus far in 2008, according to a first-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.(Top right photo shows 19th century-styled rowhouses on tree-lined Kent Street in the Greenpoint Historic District. Photo courtesy of Wikipedia.)
Vacancy in the borough remains extremely tight, averaging in the low-3 percent range in the market’s few large, market-rate properties and even lower in rent-controlled units.
“Investor interest in rental properties remains high due to persistent demand for affordable housing,” says J.D. Parker, regional manager of the Brooklyn office of Marcus & Millichap.
Following are
some of the most significant aspects of the Brooklyn Apartment Research Report: · Employers are projected to add 1,000 jobs in Brooklyn this year, a 0.2 percent increase.
· Vacancy is forecast to end the year at 3.6 percent.
· Counting all multi-family projects, approximately 3,000 units are scheduled for delivery this year, with more than 1,300 units slated to come online in Brooklyn Heights, DUMBO, Boerum Hill, Downtown and Williamsburg.
· Asking rents are forecast to rise 4.5 percent to $1,436 per month.
· Effective rents are on track to gain 4.4 percent to $1,407 per month.
For a copy of the complete Brooklyn Apartment Research Report, as well
as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/. Press Contact:
Stacey Corso, Communications Department, (925) 953-1716
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