Brooklyn, NY Office Overview
The Brooklyn office market includes the Bedford - Stuyvesant, DUMBO, and Bushwick submarkets. With a metropolitan population of over 2.6 million people, the borough is part of the greater New York metropolitan area, which harbors over 14.4 million residents. Known as a preferred location for the back-office operations of companies based in Manhattan’s Financial District, the area has a strong demand for Class A workspaces.
As of mid-2017, the office market in Brooklyn contains nearly 28 million square feet in properties larger than 50,000 square feet. The commercial real estate market in the borough is heavily influenced by the national economy and the performance of the nearby Manhattan business sectors.
Brooklyn, NY Office Inventory Description
Brooklyn is the most populous borough of New York City, so much so that if it were an individual city it would be the third-largest in the country, right behind Chicago and Los Angeles. As part of the New York metropolitan area, it contributes to the region's over $1.2 trillion in annual gross metropolitan product. Nearly 46% of the office space in Brooklyn is Class A or A+, with Class B product adding another 49% of inventory.
The Downtown Brooklyn market sees some of the strongest demand for Class A workspaces in the borough. Located along Flatbush Avenue and Fulton Street, the area is home to investment grade properties such as One MetroTech Center, Dumbo Heights - 77 Sands Street, and the Brooklyn Renaissance Plaza at 335 Adams Street.
Brooklyn, NY Commercial Inventory Breakdown
Total: 49,671,776 SF
By square footage range:
- 50k to 100k SF: 6,164,408 SF / 12.41% of total office
- 100k to 500k SF: 18,968,349 SF / 38.19% of total office
- 500k to 1M SF: 10,666,021 SF / 21.47% of total office
- > 1M SF: 13,872,998 SF / 27.93% of total office
- Class A: 21,388,540 SF / 43.06% of total office
- Class B: 16,350,087 SF / 32.92% of total office
- Class C: 2,394,254 SF / 4.82% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|625 Fulton Street||625 Fulton Street, 11201||1,728,716||n/a|
|Pacific Park - Site 5||590 Atlantic Avenue, 11238||1,600,000||n/a|
|4 MetroTech Center||4 MetroTech Center, 11201||1,330,743||1990|
|Brooklyn Renaissance Plaza||335 Adams Street, 11201||1,163,539||1998|
|Brooklyn Navy Yard - Building 77||63 Flushing Avenue, 11205||1,000,000||2017|
|One MetroTech Center||351 Jay Street, 11201||897,012||1990|
|Eighth Avenue Center||6208 8th Avenue, 11220||892,860||n/a|
|The Wheeler||181 Livingston Street, 11201||844,378||2020|
|2 Hanson Place||139 Flatbush Avenue, 11217||771,369||2003|
|Pacific Park - B1 Tower||SEC Atlantic Avenue & Flatbush Avenue, 11217||760,190||n/a|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|25 Kent||25 Kent Avenue, 11249||511,161||2019|
|Ten Grand Street||1 South 1st Street, 11249||436,135||2019|
|101 Pennsylvania||101 Pennsylvania Avenue, 11207||160,000||2019|
|Kingswood Center II||1715 East 13th Street, 11229||109,813||2019|
|The Breeze||314 Scholes Street, 11206||96,276||2019|
|320 & 360 Wythe Avenue||320 Wythe Avenue, 11249||85,667||2019|
|New Lab 77 Washington||77 Washington Avenue, 11201||38,000||2019|
|947-955 Flatbush Avenue||949 Flatbush Avenue, 11226||34,820||2019|
|10 Jay Street||10 Jay Street, 11201||231,224||2018|
|Neptune/Sixth - 626 Sheepshead Bay Road||626 Sheepshead Bay Road, 11224||161,000||2018|
Brooklyn, NY Green Office Space
Tenants are increasingly demanding energy-efficient, green workspaces to lease and developers in Brooklyn are doing their best to meet that demand. A great example of a LEED certified office building in the borough is the Brooklyn Navy Yard - Building 77. This 1-million-square-foot Class A creative office space was built in 2017 and is awaiting its LEED Silver certification.
According to the 2017 National Green Building Adoption Index, the percentage of energy-efficient buildings increased from just under 5% back in 2005 to about 38% today. While Brooklyn was not one of the 30 markets that were surveyed for the index, its commitment to LEED and EPA Energy Star-certified workspaces continues to be strong.
Brooklyn, NY's Top Office-Using Sectors
The Brooklyn commercial real estate market is driven largely by high technology, professional business services, media & entertainment, and large corporate back-office users.
- High Technology – includes firms such as Livestream, Kickstarter, Etsy, MakerBot, Huge, and Amplify.
- Business Services – companies such as the Seamark Group, Rapid Realty, Powers Accounting Machine, and Instaprint.
- Media & Entertainment – VICE Media, Brooklyn Media, Gimlet Media, KTAV Publishing House, and Mason Jar Music.
- Back Office – Morgan Stanley and JPMorgan Chase.
- Total Population2,556,661
- Male Population(47.4 %) 1,210,956
- Female Population(52.6 %) 1,345,704
- Median Age34.80
- Average Household Income$85,136
- Median Household Income$54,041
- Median Income Under 25$38,681
- Median Income 25-44$67,225
- Median Income 45-64$56,445
- Median Income Over 65$28,885
Whittle School Signs Lease for Tishman’s Recently Completed 620K SF Brooklyn Office Space
February 07, 2020
The Whittle School―a private school founded by former Esquire magazine Chairman Chris Whittle―has signed a 20-year lease for 620,000 square feet of office space at the Wheeler complex in downtown Brooklyn. The deal comes at the tail end of several months of negotiations between owner and develop...
Original cast iron columns, barrel vaulted ceilings, and decorative brickwork have been masterfully preserved during the adaptive reuse renovation of this 100+-year-old Brooklyn gem. Check out the full story on our building of the week.
Ever since the financial crisis, a growing number of workers have seen their schedules become increasingly flexible, as many have either turned to freelancing full-time, taken on a second job or are looking to launch their own business. Coworking offices have sprung up throughout the nation, cat...