Brooklyn industrial real estate market stays strong: 2nd quarter report
Red Hook, East New York, BAT, Navy Yard in demand
The city’s outer-borough industrial real estate market, including Brooklyn, continued to show healthy improvement during the second quarter of 2022, according to a new report by Colliers International, a commercial real estate firm with offices in 68 countries.
The report found that the market demonstrated healthy market fundamentals in Q2, as the availability rate continued to decrease. The average asking rent for industrial space in the outer boroughs also increased 2.5 percent as demand for industrial space continues to push asking rents higher. Richard Warshauer, senior managing director for the firm, described the market as “robust.”
The firm, following the CoStar Group, a provider of information, analytics and marketing services to the commercial property industry, divides Brooklyn into two “submarkets,” North Brooklyn and South Brooklyn.