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August 7, 2008
Brooklyn Office Vacancy, Asking Rents Increase
The NY Observer
By Tom Acitelli
During the past few years, as the demand for Class A office space in Brooklyn has risen and fallen, Atlantic Yards developer Bruce Ratner has regularly reconformed the project according to the market.
It's hard to figure what to make of the news, reported yesterday by the NY Observer, that vacancies are up — but rents are, too:
[A] The report (PDF), from investment-sales firm Marcus & Millichap, forecasts a year-end vacancy rate of 10.5 percent, up from the 10.4 percent at the end of the second quarter on June 30.
As many as 2,000 office-based jobs in Brooklyn are expected to be eliminated this year, according to the report, mirroring the trend in Manhattan.
Meanwhile, the average asking rent for Brooklyn office space has increased in 2008. It was $27.58 a square foot by the end of the second quarter, up 5.1 percent annualy and 4.9 percent since January.
Posted by lumi at August 7, 2008 5:41 AM