Three Brooklyn developments lead small-business commercial leasing

August 13, 2024 Brooklyn Eagle Staff

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INDUSTRY CITY/WILLIAMSBURG/DUMBO — SMALL-BUSINESS TENANTS IN BROOKLYN have led the borough’s commercial leasing this year, with 95% of new office leases signed in Brooklyn this year being under 10,000 square feet, according to CoStar, an industry-leading real estate data, news and analytics platform. Three Brooklyn neighborhoods in particular highlighted this trend: Industry City, along the Sunset Park waterfront, has closed on 150,000 square feet of leases for spaces under 10,000 square feet across the 16-building campus. The Refinery at Domino (Williamsburg) has reached 50,000 square feet leased this year, with all deals being under 10,000 square feet. This success has resulted in the lease-up of its pre-built floors and has led to Two Trees’ plan to build out another pre-built floor. Two Trees Management has seen particular interest from firms looking to open satellite offices, as well as smaller creative and tech companies whose employees live in Brooklyn. Two Trees’ DUMBO portfolio has primarily attracted small creative firms across creative industries such as architecture and design, marketing and advertising, and more.

CoStar observed that the most active segment of the Brooklyn office market is composed of tenants leasing spaces under 10,000 square feet.

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