July 19, 2018

Dollar volume in Brooklyn is finally on the upswing

The Brooklyn commercial market got off to a good start in the first six months of 2018, with the first increase in deal volume in over two years.

The borough saw 597 commercial deals during the first half of the year worth a total of about $4 billion, according to a report by TerraCRG. This is a roughly 44 percent increase in dollar volume compared to the first half of 2017.

The borough’s largest increase was in the multifamily market, which saw a 113 percent increase in dollar volume year-over-year, largely due to the massive Starrett City deal. Without including this deal, the year-over-year increase for total dollar volume was at 12 percent, and the year-over-year increase for multifamily dollar volume was at 6 percent.

“Even without the blockbuster transaction of Starrett City, we’re still seeing moderate growth,” said TerraCRG partner Dan Marks.

Read more here.