BROOKLYN, NY — In spite of the current economic downturn, the retail property sector in Brooklyn continues to evolve as noted national and regional retailers seek spaces in an underserved market with 2.5 million residents, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.In recent months, brands such as Morton’s Steakhouse, Urban Outfitters, Circuit City and Trader Joe’s have leased space.
“Despite a challenging climate in property financing, taxpayer assets will remain highly coveted by investors seeking to trade out of more management-intensive properties, such as apartments,” says J.D. Parker, (top right photo) regional manager of the Brooklyn office of Marcus & Millichap.
Following are some of the most significant aspects of the Brooklyn Retail Research Report: · This year, 750,000 square feet of retail space is expected to be delivered, compared with 192,000 square feet in 2007. 
· Vacancy is forecast to end the year at 4.7 percent.
· Rents can vary between neighborhoods, but the average asking rent in the entire borough is predicted to climb 9 percent this year.
· New rents on spaces leased to national tenants are expected to rise at a much greater rate.
· In the multi-tenant sector, the median price has advanced 11 percent during the most recent 12-month span to $267 per square foot, compared with a 4 percent gain in the previous year.
For a copy of the complete Brooklyn Retail 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
· Rents can vary between neighborhoods, but the average asking rent in the entire borough is predicted to climb 9 percent this year.
· New rents on spaces leased to national tenants are expected to rise at a much greater rate.
· In the multi-tenant sector, the median price has advanced 11 percent during the most recent 12-month span to $267 per square foot, compared with a 4 percent gain in the previous year.
For a copy of the complete Brooklyn Retail 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
No comments:
Post a Comment