September 14, 2017

Williamsburg’s Subpar Office Stock Is About to Undergo a Seismic Shift

When the city rezoned parts of Williamsburg and Greenpoint in 2006, it did so with the goal of adding more residential growth in areas along the waterfront where factories and industrial properties stood.

Residential became the highest and best use. Luxe or trendy (or both) retail brands followed, as well as the bars, concert venues, restaurants and hotels.

But office didn’t pencil out until demand came for C-suite level offices.

“I’m assuming the flipside of the L train shutdown is that it will get even more expensive [to rent existing office space],” said Ofer Cohen, the founder and president of Brooklyn-based TerraCRG. “The shutdown is for the tunnel that gets you from Williamsburg to Manhattan. It’s a test of how committed you are to the lifestyle in Williamsburg. I would argue people who live in Williamsburg don’t want to be anywhere else.”

Read more here.