Brooklyn Office Rent Price & Sales Report

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%
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 19.10% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Brooklyn was 8.22% in the Dumbo - Vinegar Hill submarket, while the highest office vacancy in the market was 46.67%, recorded in Navy Yard - Fort Greene - Clinton Hill.

Office Spaces for Rent in New York

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
Brooklyn office space cost in 2022 marked a -38.68% change compared to the previous year. The sale price for office space in Brooklyn averaged $531.73 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $383.47 per square foot.

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
A total of 9 deals closed on the Brooklyn office market in 2022, adding up to a yearly sales volume of $767.4M. Notably, the largest transaction on the market saw Nine MetroTech Center change hands for $185,500,000 on 2/22/2022.

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
Data provided by Commercial Edge

Coworking Spaces in New York

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.

Largest Office Properties Recently Completed in Brooklyn
Office building Address SF Completed
1508 Coney Island Avenue 1508 Coney Island Avenue, 11230 163,000 2023
300 Huntington Street 300 Huntington Street, 11231 111,520 2023
437 88th Street / Bay Bridge View Building 437 88th Street, 11209 48,082 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
The Paxton 532 Fulton Street, 11201 330,000 2021
235 Duffield Street 235 Duffield Street, 11201 264,411 2021
NEW Office Space(s) in BUSHWICK! 1399 Myrtle Ave, 11237 72,475 2021
2250 59th street 2250 59th street, 11204 46,000 2021

Worth noting among recent office completions on the Brooklyn market is 1508 Coney Island Avenue, which is currently the largest new office development in the city, at 163,000 square feet.

Data provided by Commercial Edge

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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.