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."