Thursday, March 22, 2007

Downtown Brooklyn office vacancy rises. Landlords seek to fill empty spaces with smaller, hipper companies

"Some argue that despite low rents and newly available Class A inventory, the wave of new office tenants in the area is more like a trickle. Jim Clark, division manager at Fillmore Real Estate, said the residential market has boomed since the 2004 rezoning, while office growth has been somewhat stagnant.

"A lot of things that were done Downtown went residential. The condo market is more profitable -- the big rush was residential," he said. During the Downtown Brooklyn rezoning, the commercial real estate market was somewhat cool in contrast to the hot residential market at the time. Stuckey said that the commercial real estate market is "now heating up," and that Brooklyn office space will soon follow."


Anonymous said...

Office or residential, the best thing for downtown Brooklyn is for it to be populated. That's the only way to insure the continued retail development of the area.

Personally, I'd like to keep the ratio of office to residential in parity, so it becomes a 24 hour community, not a M-F 9-5 zone only (it currently has a bit of that feel, but we all know that should be changing).

All that said, there's no way downtown Brooklyn is "the next SoHo". I had to bite my lip to not laugh when the sales people said that. It's going to be a great area, but I don't know where they got SoHo from...

guyfromdobro said...

anon 9:42
I have to agree. It's no Soho. I think Dumbo fits the bill a little better.

ruby rose said...

I'm thinking more along the lines of Union Square!