February 4, 2021

Subject to Inspection: Brooklyn Spaces and Issues

Company News News

Brooklyn Daily Eagle

Are the green shoots of economic recovery pushing through a thawing real estate market in Brooklyn? The COVID-19 pandemic all but froze up the Brooklyn commercial real estate market in 2020, but the year ended on a rebound that forecasts a stronger 2021, according to the annual Brooklyn Market Report just released by Brooklyn-focused brokerage, TerraCRG this week. Despite the lockdown pausing business last spring, more than $4 billion dollars of commercial assets still exchanged hands, with a dollar volume and transactional volume decrease of just 22 percent and 24 percent, respectively.

“The good news is the last quarter of the year experienced a rebound in activity, accounting for 30 percent of last year’s total dollar volume – momentum that we believe bodes well for a stronger 2021,” said Ofer Cohen, founder, and CEO of TerraCRG. “Brooklyn will continue to outpace Manhattan in the recovery. Our projections on an annualized basis forecast a 35 percent dollar volume increase by the end of 2021 to $5.5 billion.”

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