Brooklyn office market sees shift as tenants look beyond Manhattan
Average asking rents in Brooklyn dropped 5.1% over the past year, now at $53.33 per square foot.
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Brooklyn’s office market is carving out its own identity as companies and workers move away from Manhattan’s pricier spaces, according to new data from JLL.
Average asking rents in Brooklyn dropped 5.1% over the past year, now at $53.33 per square foot.
But the report shows a sharp divide between high-end and mid-tier offices.
Class A buildings, the newest spaces with modern amenities, are facing vacancies close to 25%. By contrast, older and less polished Class B offices are nearly 40% cheaper, with vacancy rates at just 9.1%.
Andrew Lim, research director for JLL New York, said hybrid work schedules are influencing demand.
Many employees only come into the office a few days a week, and companies are seeking spaces that offer more than just desks.
Developments like Empire Stores, redeveloped into a mix of office space, food halls and social clubs, show how mixed-use projects are appealing to tenants who want lifestyle perks alongside work.
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