Brooklyn, NY Office Overview
The Brooklyn office market includes the Bedford - Stuyvesant, DUMBO, and Bushwick commercial real estate submarkets. With a metropolitan population of over 2.6 million people, this New York 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, there is consistently strong demand for Class A office space in Brooklyn.
As of mid-2017, the office market in Brooklyn contains nearly 28 million square feet of existing office space in properties larger than 50,000 square feet. The commercial real estate market in Brooklyn is heavily influenced by the national economy and the performance of the nearby New York City and 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, Brooklyn contributes its share 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 office space adding another 49% of inventory to the Brooklyn office market.
The Downtown Brooklyn office market sees some of the strongest demand for Class A office space in the borough. Located along Flatbush Avenue and Fulton Street, the area is home to investment grade office buildings 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: 45,903,537 SF
By square footage range:
- 50k to 100k SF: 4,691,250 SF / 10.22% of total office
- 100k to 500k SF: 15,955,948 SF / 34.76% of total office
- 500k to 1M SF: 11,383,341 SF / 24.8% of total office
- > 1M SF: 13,872,998 SF / 30.22% of total office
- Class A: 21,220,356 SF / 46.23% of total office
- Class B: 14,916,626 SF / 32.5% of total office
- Class C: 1,988,685 SF / 4.33% of total office
Brooklyn, NY Green Office Space
Tenants are increasingly demanding energy-efficient, green office space to lease and developers and office building owners in Brooklyn are doing their best to meet that demand. A great example of a LEED certified office building in Brooklyn is the Brooklyn Navy Yard - Building 77. Located in the Northwestern Brooklyn office submarket, this 1-million- square-foot Class A creative office space building 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 green office 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 office buildings and green office space continues to be strong.
Brooklyn, NY’s Top Office-Using Sectors
The Brooklyn commercial real estate and Class A office market is driven largely by the top office-using sectors of high technology, professional business services, media & entertainment, and large corporate back-office users.
- High Technology – Livestream, Kickstarter, Etsy, MakerBot, Huge, and Amplify are some of the largest Brooklyn high tech companies and creators of white-collar office employment in Brooklyn.
- Business Services – Users of Class A office space in Brooklyn include 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 are just a handful of the many office users in this business sector.
- Back Office – Companies creating demand for back office space in Brooklyn include Morgan Stanley and JPMorgan Chase.
- Total Population2,590,362
- Male Population(47.3 %) 1,226,519
- Female Population(52.7 %) 1,363,843
- Median Age35.00
- Average Household Income$80,446
- Median Household Income$51,574
- Median Income Under 25$38,145
- Median Income 25-44$61,382
- Median Income 45-64$57,571
- Median Income Over 65$27,784
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.
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