July 11, 2017
Brooklyn’s retail sector has reached a “tipping point,” according to “Brooklyn: Residential Construction Boosts Retail,” the latest research report from GFI Realty Services.
“National retailers are not just comfortable entering the Brooklyn market – it’s become an absolute ‘must’ for many,” said Justin Fitzsimmons, research analyst of GFI.
For example, in the first quarter of this year, retail rents grew 8% to approximately $325-per-square-foot on the Fulton St. corridor, between Flatbush Ave. and Boerum Pl., compared to the year before.
“Throughout most of the country, retailers are dealing with new realities by reducing their footprints or closing stores altogether. In Brooklyn, though, there’s a strong correlation between the rise in retail and an incredibly flush residential pipeline.”
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