Over the last several years, the Brooklyn office market has been undergoing a remarkable transformation. Local and national Tech and Creative firms have been targeting Brooklyn to be close to the new talented work force.
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The market saw continued demand for industrial/office properties in 2017. With the office market still growing and a renewed interest in industrial by distribution companies, both dollar volume and price per square foot increased significantly from 2016.
Industrial/Office Insights
2017 Avg Sale Price: $15.89m
Average Sale Price by Region
- Bed-Stuy/Bushwick/Crown Heights $4.16m
- Central Brooklyn $3.24m
- East Brooklyn $4.09m
- Greater Downtown Brooklyn $51.83m
- North Brooklyn $7.21m
- South Brooklyn $980k
- West Brooklyn $6.94m
80 Hudson Avenue Case Study
TerraCRG’s Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Mike Hernandez, and Joey Terzi were the sole brokers in the lease of the free-standing loft building at 80 Hudson Avenue.
This 76,000 GSF building, located in the Vinegar Hill neighborhood of Brooklyn, was a rare-opportunity as it is one of the only free-standing, commercially-zoned buildings of its size in New York City’s center of innovation and creativity.
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Brooklyn Neighborhood Guides
Our neighborhood guides tell you everything you need to know about Brooklyn, from comprehensive market data to the best places to eat, shop and play.
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