2022 Office Space Rent & Sales
- $46.07 2022 Avg. Asking Rent
- 2.00% Y-o-Y Avg. Asking Rent Change
- 19.10% 2022 Office Vacancy Rate
- $767.4M2022 Total Office Sales
- $531.73Avg. Sale Price/SF
Brooklyn office price per square foot in 2022 was $46.07 on average. This marked a +2.00% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.10% across all asset classes combined. The 9 transactions that closed here throughout 2022 amounted to a total sale volume of $767.4M. Brooklyn office space commanded an average sale price per square foot of $531.73.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Brooklyn Class A & A+ Office Space$56.87
- Brooklyn Class B Office Space$45.14
- Brooklyn Class C Office Space$46.89
- New York Class A & A+ Office Space$43.80
- New York Class B Office Space$36.92
- New York Class C Office Space$32.91
Brooklyn, NY Office Asking Rents by Class
Average office rent in Brooklyn rested at $46.07 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Brooklyn averaged $56.87 per square foot. Across all submarkets, class B office space recorded an average asking rent of $45.14 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $46.89 per square foot, on average. Comparably, statewide New York average office rents by class in 2022 were: $43.80 per square foot for class A office space; $36.92 per square foot for class B office space; $32.91 per square foot for class C office space.
2022 Office Vacancy Rates in Brooklyn
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Brooklyn Heights | $60.27 | 32.53% |
Williamsburg - Greenpoint | $55.90 | 17.13% |
Dumbo - Vinegar Hill | $47.34 | 8.22% |
Downtown Brooklyn | $45.73 | 15.72% |
Red Hook - Carroll Gardens - Gowanus | $42.71 | 25.10% |
Navy Yard - Fort Greene - Clinton Hill | $42.51 | 46.67% |
Bay Ridge - Sunset Park | $40.14 | 8.82% |
Crown Heights - Central Brooklyn | $39.56 | 21.89% |
Brooklyn Office Sale Price per SF
- $531.732022 Avg. Price per SF
- -38.68%Y-o-Y Avg. PpSF Change
- $767.4M2022 Office Sales Volume
- 92022 Number of Transactions
Brooklyn, NY Sale Price per SF Trend
- Brooklyn Avg. Sale Price per SF in 2022$531.73
- New York Avg. Sale Price per SF in 2022$383.47
2022 Office Sales Volume
- Brooklyn, NY Total Office Sales Volume in 2022 $767.4M
- Brooklyn, NY Total Number of Office Sales Closed in 2022 9
Largest Brooklyn Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Nine MetroTech Center | 9 MetroTech Center | 2/22/2022 | $185,500,000 |
9036 7th Avenue | 9036 7th Avenue | 6/14/2022 | $160,000,000 |
3 MetroTech Center | 3 MetroTech Center | 9/14/2022 | $122,000,000 |
Eleven MetroTech Center | 11 MetroTech Center | 4/14/2022 | $121,000,000 |
Calko Medical Center | 6010 Bay Pkwy | 9/23/2022 | $81,500,000 |
Coworking Spaces in New York
- New York City Coworking Space
- New York City Coworking Space
- Manhattan Coworking Space
- Manhattan Coworking Space
- Washington Coworking Space
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- Brooklyn Coworking Space
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- Alexandria Coworking Space
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- Detroit Coworking Space
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- Cleveland Coworking Space
- Jersey City Coworking Space
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2022 Office Construction in Brooklyn, NY
- Brooklyn, NY Total SF completed in 2022 109,174
- Brooklyn, NY Total SF under construction in 2023 1,515,937
During 2022, 109,174 square feet of new office space were delivered across the market. At the close of 2022, the Brooklyn office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 109,174 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 1,515,937 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
29 Jay Street | 29 Jay Street, 11201 | 252,000 | 2024 |
141 Willoughby Street | 141 Willoughby Street, 11201 | 379,297 | 2023 |
300 Huntington Street | 300 Huntington Street, 11231 | 111,520 | 2023 |
150 Noll St | 150 Noll St, 11206 | 106,833 | 2022 |
497 Carroll St | 497 Carroll St, 11215 | 36,493 | 2022 |
NEW Bldg! VENTED Retail, OUTDOOR, Office Space(s) for Lease!! | 1308-1310 Myrtle Avenue, 11221 | 17,424 | 2022 |
One Willoughby Square | 420 Albee Square, 11201 | 500,000 | 2021 |
1 Willoughby Square | 1 Willoughby Square, 11205 | 446,817 | 2021 |
The Paxton | 532 Fulton Street, 11201 | 330,000 | 2021 |
235 Duffield Street | 235 Duffield Street, 11201 | 264,411 | 2021 |
Worth noting among recent office completions on the Brooklyn market is 29 Jay Street, which is currently the largest new office development in the city, at 252,000 square feet.
See reports for other markets
- New York City Office Rent Price
- Buffalo Office Rent Price
- Colonie Town Office Rent Price
- Albany Office Rent Price
- Rochester Office Rent Price
- Syracuse Office Rent Price
- Melville Office Rent Price
- White Plains Office Rent Price
- Great Neck Office Rent Price
- Denver Office Rent Price
- Chicago Office Rent Price
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- Atlanta Office Rent Price
- Houston Office Rent Price
- Washington Office Rent Price
- San Francisco Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Brooklyn commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.