Brooklyn’s commercial real estate 2024 year-end report is out

February 3, 2025 Brooklyn Eagle Staff

Share this:

BOROUGHWIDE — ARIEL PROPERTY ADVISORS’ 2024 Year-End Commercial Real Estate Trends report is out, highlighting a 37% jump in investment sales (multifamily assets accounted for half), a retail market rebound (reaching an all-time high of $721/square ft., up from $632 in 2023), and industrial/warehouse strength, with high demand for last-mile warehouse space by tenants including Amazon and UPS.

Williamsburg continues to lead the Brooklyn development market, closely followed by Downtown Brooklyn, Gowanus and Greenpoint.

The report predicted the added clarity and the stabilization of federal interest rates would likely revive investor confidence and spur transactions. However, the Trump administration recently announced 25% tariffs on goods from Mexico and Canada. Tariffs on Canadian lumber and building materials would likely drive up housing costs and stall construction, Gov. Kathy Hochul warned on Jan. 31.

✰✰✰