It’s getting a lot more expensive to open brick-and-mortar retail shops in Brooklyn. Surprise! According to a report released by CPEX Real Estate Services, retail rents have more than doubled over the past five years in nine retail hubs around Brooklyn. The good news? A lot of that change is due to Brooklyn businesses making more money.
Among the 88 retail corridors whose rents were measured in the report, Fulton Mall in Downtown Brooklyn has the highest rents at over $200 per square foot, followed closely by Williamsburg along Bedford Ave, then Court Street in Downtown Brooklyn and Flatbush Ave near the Barclays Center.
As realtors are inclined to do, CPEX also forecasted the next streets in Brooklyn that seemed likely to become major retail hubs in the next few years, citing Williamsburg’s Berry St from N. 8th to N. 3rd, Sunset Park’s Fifth Ave between 17th St and 23rd St and Crown Heights’ Nostrand Ave between Dean St and President St.
“Sunset Park is clearly, in my opinion, the next big thing. This won’t happen overnight, but in five years you won’t recognize that area,” said Timothy King, Managing Partner at CPEX. Something to look forward to?
Here are four more fun tidbits of information we learned from the report:
- 15 million tourists visited Brooklyn last year.
- There will be 25% more hotel rooms in Brooklyn by 2018
- There have been an additional 43 “retail corridors” in Brooklyn in the past five years.
- Real estate agents call Gowanus “the Gowanus.”
Also included in the report: “Former Industrial Hubs Converting To Retail.” What? In Brooklyn?!?!
Follow Rebecca Jennings on Twitter @rebexxxxa