Brooklyn Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $51.42 2020 Avg. Asking Rent
  • 13.25% 2020 Office Vacancy Rate
  • $533.4M2020 Total Office Sales
  • $320.11Avg. Sale Price/Sqft

Brooklyn office price per square foot in 2020 was $51.42 on average. The local office market recorded an average vacancy rate of 13.25% across all asset classes combined. The 8 transactions that closed here throughout 2020 amounted to a total sale volume of $533.4M. Brooklyn office space commanded an average sale price per square foot of $320.11.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Brooklyn Class A Office Space$56.11
  • Brooklyn Class B Office Space$32.93
  • Brooklyn Class C Office Space$40.16
  • New York Class A Office Space$68.40
  • New York Class B Office Space$34.41
  • New York Class C Office Space$25.31

Brooklyn, NY Office Asking Rents by Class

Average office rent in Brooklyn rested at $51.42 per square foot in 2020. 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 $56.11 per square foot. Across all submarkets, class B office space recorded an average asking rent of $32.93 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $40.16 per square foot, on average. Comparably, statewide New York average office rents by class in 2020 were: $68.40 per square foot for class A office space; $34.41 per square foot for class B office space; $25.31 per square foot for class C office space.

2020 Office Vacancy Rates in Brooklyn

Submarket Asking Rents Vacancy Rates
Navy Yard - Fort Greene - Clinton Hill $61.11 18.59%
Brooklyn Heights $58.64 22.99%
Downtown Brooklyn $54.58 8.19%
Bay Ridge - Sunset Park $32.23 8.96%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Brooklyn market was 13.25% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Brooklyn was 8.19% in the Downtown Brooklyn submarket, while the highest office vacancy in the market was 22.99%, recorded in Brooklyn Heights.

Office Spaces for Rent in New York

Brooklyn Office Sale Price per Sqft

  • $320.112020 Avg. Price per Sqft
  • -21.62%Y-o-Y Avg. PpSF Change
  • $533.4M2020 Office Sales Volume
  • 82020 Number of Transactions

Brooklyn, NY Sale Price per Sqft Trend

  • Brooklyn Avg. Sale Price per Sqft in 2020$320.11
  • New York Avg. Sale Price per Sqft in 2020$467.28
Brooklyn office space cost in 2020 marked a -21.62% change compared to the previous year. The sale price for office space in Brooklyn averaged $320.11 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $467.28 per square foot.

2020 Office Sales Volume

  • Brooklyn, NY Total Office Sales Volume in 2020 $533.4M
  • Brooklyn, NY Total Number of Office Sales Closed in 2020 8
A total of 8 deals closed on the Brooklyn office market in 2020, adding up to a yearly sales volume of $533.4M. Notably, the largest transaction on the market saw Whale Square change hands for $112,119,000 on 10/19/2020.

Largest Brooklyn Office Sales in 2020

Property name Address Date Price
Whale Square 14 53rd Street 10/19/2020 $112,119,000
Kingswood Center 1630 East 15th Street 2/12/2020 $88,800,000
200 Kent Avenue 200 Kent Avenue 2/18/2020 $77,285,000
Kingswood Center II 1715 East 13th Street 2/12/2020 $76,000,000
Jefferson, The 455 Jefferson Street 6/16/2020 $44,000,000
Data provided by Commercial Edge

2020 Office Construction in Brooklyn, NY

  • Brooklyn, NY Total Sqft completed in 2020 1,135,429
  • Brooklyn, NY Total Sqft under construction in 2021 1,770,218

During 2020, 1,135,429 square feet of new office space were delivered across the market. At the close of 2020, the Brooklyn office inventory included 9 buildings equal to or larger than 25,000 square feet, which comprised 1,135,429 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 1,770,218 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Brooklyn
Office building Address Sqft Completed
One Willoughby Square 420 Albee Square, 11201 500,000 2021
Netflix @ 333 Johnson Avenue 333 Johnson Avenue, 11206 170,000 2021
170 53rd Street 170 53rd Street, 11232 161,710 2021
4813 9th Avenue 4813 9th Avenue, 11220 153,000 2021
Singer Center 1508 Coney Island Avenue, 11230 147,077 2021
The Hall - Building C 313 Park Avenue, 11205 121,962 2021
The Hall - Buildings A & J 248 Flushing Avenue, 11205 110,073 2021
The Hall - Buildings D & E 303 Park Avenue, 11205 88,040 2021
105 North 13th Street 105 North 13th Street, 11211 59,986 2021
The Hall - Buildings G & H 33 Hall Street, 11205 58,379 2021

Worth noting among recent office completions on the Brooklyn market is One Willoughby Square, which is currently the largest new office development in the city, at 500,000 square feet.

Data provided by Commercial Edge

See reports for nearby markets

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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.