2023 Office Space Rent & Sales
- $44.85 2023 Avg. Asking Rent
- -2.66% Y-o-Y Avg. Asking Rent Change
- 16.43% 2023 Office Vacancy Rate
- $67.6M2023 Total Office Sales
- $233.28Avg. Sale Price/SF
Brooklyn office price per square foot in 2023 was $44.85 on average. This marked a -2.66% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.43% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $67.6M. Brooklyn office space commanded an average sale price per square foot of $233.28.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Brooklyn Class A & A+ Office Space$49.57
- Brooklyn Class B Office Space$44.60
- Brooklyn Class C Office Space$45.23
- New York Class A & A+ Office Space$64.56
- New York Class B Office Space$36.62
- New York Class C Office Space$45.97
Brooklyn, NY Office Asking Rents by Class
Average office rent in Brooklyn rested at $44.85 per square foot in 2023. 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 $49.57 per square foot. Across all submarkets, class B office space recorded an average asking rent of $44.60 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $45.23 per square foot, on average. Comparably, statewide New York average office rents by class in 2023 were: $64.56 per square foot for class A office space; $36.62 per square foot for class B office space; $45.97 per square foot for class C office space.
2023 Office Vacancy Rates in Brooklyn
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Brooklyn Heights | $60.27 | 27.57% |
Williamsburg - Greenpoint | $48.08 | 19.37% |
Dumbo - Vinegar Hill | $47.75 | 19.67% |
Red Hook - Carroll Gardens - Gowanus | $42.71 | 13.70% |
Navy Yard - Fort Greene - Clinton Hill | $42.51 | 19.16% |
Downtown Brooklyn | $42.19 | 20.55% |
Bay Ridge - Sunset Park | $40.40 | 10.19% |
Brooklyn Office Sale Price per SF
- $233.282023 Avg. Price per SF
- $67.6M2023 Office Sales Volume
- 32023 Number of Transactions
Brooklyn, NY Sale Price per SF Trend
- Brooklyn Avg. Sale Price per SF in 2023$233.28
- New York Avg. Sale Price per SF in 2023$393.23
2023 Office Sales Volume
- Brooklyn, NY Total Office Sales Volume in 2023 $67.6M
- Brooklyn, NY Total Number of Office Sales Closed in 2023 3
Coworking Spaces in New York
- New York City Coworking Space
- Manhattan Coworking Space
- Washington Coworking Space
- Brooklyn Coworking Space
- Boston Coworking Space
- Charlotte Coworking Space
- Philadelphia Coworking Space
- Cincinnati Coworking Space
- Columbus Coworking Space
- Raleigh Coworking Space
- Pittsburgh Coworking Space
- Alexandria Coworking Space
- Detroit Coworking Space
- Cambridge Coworking Space
- Cleveland Coworking Space
- Bethesda Coworking Space
- Jersey City Coworking Space
- Queens Coworking Space
- Grand Rapids Coworking Space
- Ann Arbor Coworking Space
2023 Office Construction in Brooklyn, NY
- Brooklyn, NY Total SF completed in 2023 875,057
- Brooklyn, NY Total SF under construction in 2024 636,565
During 2023, 875,057 square feet of new office space were delivered across the market. At the close of 2023, the Brooklyn office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 875,057 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 636,565 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
29 Jay Street | 29 Jay Street, 11201 | 248,782 | 2024 |
1508 Coney Island Avenue | 1508 Coney Island Avenue, 11230 | 163,000 | 2024 |
Brookly-Flatbush New Construction Medical Office | 1644 New York Avenue, 11210 | 25,566 | 2024 |
2 Bushwick Avenue | 2 Bushwick Avenue, 11211 | 25,000 | 2024 |
1940 Shore Parkway | 1940 Shore Parkway, 11214 | 20,000 | 2024 |
2 Bushwick Avenue | 2 Bushwick Avenue, 11211 | 12,655 | 2024 |
2801-2803 Tilden Ave | 2801-2803 Tilden Ave, 11226 | 3,800 | 2024 |
141 Willoughby Street | 141 Willoughby Street, 11201 | 379,297 | 2023 |
300 Huntington Street | 300 Huntington Street, 11231 | 111,520 | 2023 |
906 E New York Ave | 906 E New York Ave, 11203 | 66,424 | 2023 |
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 248,782 square feet.
See reports for other markets
- Manhattan Office Rent Price
- Albany Office Rent Price
- Buffalo Office Rent Price
- Melville Office Rent Price
- White Plains Office Rent Price
- Hauppauge Office Rent Price
- Rochester Office Rent Price
- Denver Office Rent Price
- Chicago Office Rent Price
- Miami Office Rent Price
- Dallas Office Rent Price
- Seattle Office Rent Price
- San Antonio Office Rent Price
- Washington Office Rent Price
- Houston Office Rent Price
- Austin 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.