Breaking Down Brooklyn Retail: A New Manhattan?
ByWhile retailers are facing volatility at a national level, Brooklyn is an outlier when it comes to retail growth, with companies flocking to the New York City borough when looking to expand, according to a new report from GFI Realty Services.
“National retailers are not just comfortable entering the Brooklyn market—it’s become an absolute ‘must’ for many,” said Justin Fitzsimmons, research analyst at GFI Realty Services. “This flies in the face of national trends. … In Brooklyn, though, there’s a strong correlation between the rise in retail and an incredibly flush residential pipeline that has shifted demographics, boosted median income rates and significantly increased the borough’s population.”
The report also shows that prices and rents for retail properties in the borough’s districts are on the rise, except for Williamsburg. In this upscale district, prices are declining, but still come in second after Brooklyn’s downtown. Michael Weiser, president of GFI Realty Services, explained to Commercial Property Executive why Brooklyn could be the new Manhattan, as well as the strains that come with the new status…
